Independent oil and gas firm Jones Energy Inc said it has signed a definitive agreement with a private seller to purchase oil and gas assets. The deal, which covers both producing and undeveloped assets in the Anadarko Basin, is worth USD 195 million. The assets include 26,000 net acres of oil fields in the Cleveland, Tonkawa and Marmaton in the Texas Panhandle and Western Oklahoma.

Jones Energy said there are 225 drilling locations in the area with a working interest of 70%. These will bring the firm's total identified drilling locations in Cleveland to more than 680. At the firm's current pace of eight rigs, the acquisitions give more than seven years of drilling in the Cleveland formation alone, Jones Energy said. Because of the acquisition, the firm intends to add two more rigs to speed up development. Jones Energy plans to have a total of 10 to 12 rigs by next year.

The acquisition also adds 92 wells that produce about 3,400 barrels of oil equivalent per day, 54% of which is liquids. It also has proved reserves of 14.3 million barrels of oil equivalent. Jones Energy said the acquisition will be significantly accretive cash flow per share and accretive to earnings per share next year.

In a statement, Jones Energy Chairman and Chief Executive Officer Jonny Jones said, "This transaction increases our inventory of drilling locations in one of our core operating areas at an attractive valuation, providing us with increased visibility and sustainability of growth in this productive area." He added that the firm will continue to focus on their core areas to take advantage of their operational expertise to pursue low-cost production growth.

Jones Energy said it will fund the acquisition using its current revolving credit facility. It expects the transaction to be completed by the end of 2013.