EV Energy Partners Announces Purchase of Subordinated Units by EnerVest and Management

Business Wire,  May 2, 2008  

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HOUSTON -- EV Energy Partners, L.P. (Nasdaq:EVEP) today announced that EnerVest Ltd (EnerVest), which controls the general partner of EVEP, and EVEP and EnerVest management have purchased 483,740 EVEP subordinated units from CGAS Holdings LLC (CGAS), a subsidiary of CGAS Exploration, Inc. which is owned by EnerVest-managed institutional partnerships. These purchases were made in conjunction with the sale by CGAS of over 300,000 EVEP subordinated units to third party investors.

CGAS received 1,698,800 EVEP subordinated units at the initial public offering of EVEP in September 2006 as part of its consideration in exchange for the contribution of assets to EVEP upon its formation. CGAS distributed approximately 52% of these units to institutional investors in the EnerVest-managed institutional partnerships, with the remainder sold as described above.

When combined with prior open market purchases of EVEP common units, EVEP's management and board, EnerVest and EnerVest management have purchased over $12.8 million of EVEP units to date in 2008.

John Walker, Chairman and CEO of EVEP stated that "this transaction, along with prior purchases of EVEP common units this year, demonstrates the confidence that our management and EnerVest have regarding the future of EV Energy Partners."

Raymond James & Associates acted as agent to CGAS on the sale of subordinated units to third party investors.

EV Energy Partners, L.P., based in Houston, Texas, is a master limited partnership engaged in acquiring, producing and developing oil and gas properties. More information about EVEP is available on the internet at www.evenergypartners.com.

(code #: EVEP/G)

This press release may include "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the partnership, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to financial performance and results, availability of sufficient cash flow to pay distributions and execute our business plan, prices and demand for natural gas and oil, our ability to replace reserves and efficiently develop our current reserves and other important factors that could cause actual results to differ materially from those projected as described in the Company's reports filed with the Securities and Exchange Commission.

The subordinated units have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent such registration or an applicable exemption from such registration requirements.

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