Bravo Natural Resources LLC has entered an agreement with Oklahoma City-based Canaan Natural Gas PE Funds in which Bravo will acquire producing and gathering assets in the Arkoma Basin of southeast Oklahoma for an all cash consideration of $250 million. Closing is expected to occur in the fourth quarter of 2014.

The transaction includes 950 operated and non-operated wells producing primarily from the Hartshorne Coal and Woodford formations. Net proved reserves are 286 BCFE and net production is approximately 33 mmcfed of natural gas and natural gas liquids. The transaction is inclusive of 56,000 net acres prospective for horizontal, liquids rich Woodford development.

“We are pleased with the opportunity to purchase an excellent set of assets from Canaan that include long lived natural gas producing assets combined with approximately 56,000 net acres of potential development in the liquids rich horizontal Woodford formation in the Arkoma basin of Oklahoma. The entire Bravo team looks forward to another highly successful venture,” said Charlie Stephenson, CEO, Bravo.

Bravo was formed in December 2013 with an equity capital commitment in excess of $200 million dollars from Natural Gas Partners (NGP) through its NGP Natural Resources X, L.P. fund and management. Bravo is a Tulsa, Okla.-based upstream exploration and production company focused on conventional and unconventional acquisitions and organic growth opportunities in select onshore producing basins in North America where the team has expertise.