EP Energy acquired by Apollo Global ManagementOil and gas company EP Energy was recently acquired by investment funds affiliated with Apollo Global Management, Riverstone Holdings, Access Industries and Korea National Oil Corporation for an estimated $7.15 billion.

EP Energy has operations that include programs in southern Texas, Louisiana and Utah. The recent acquisition comes after the company saw first quarter production volumes up 11 percent year-over-year.

"We are excited about our partnership with Apollo, Riverstone, and our other investors, which we believe will enhance the value of EP Energy and extend our performance track record," said Brent Smolik, president and CEO of EP. "We will continue to focus on large acreage positions with low-risk, repeatable drilling opportunities that generate strong financial returns. "

EP will continue its operations in Houston, where it employs more than 1,000 people.

Colorado-based Grid Petroleum Corporation recently announced that it has acquired a 10 percent working interest in the Garcia #3 well, which will soon be drilled.
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