Huge News out!!!!!!!!!
Encore Energy Partners LP Acquires Gulf Coast Oil and Natural Gas Properties and Completes Acquisition of Wyoming Oil and Natural Gas Properties. HOUSTON--(BUSINESS WIRE)-- Encore Energy Partners LP (NYSE:ENP - News) (the “Partnership” or “ENP”) today announced that on August 31, 2011 it closed on the acquisition of certain non-operated working interests in mature producing oil and natural gas assets in the Texas and Louisiana Gulf Coast area from an undisclosed seller for a purchase price of $47.6 million after consideration of preliminary purchase price adjustments. The assets acquired have estimated total proved reserves of 2.1 million barrels of oil equivalent, of which approximately 83% are oil and natural gas liquids reserves. The reserves are 100% proved developed and the current net production attributable to the assets being acquired is approximately 430 Boe/d. Effective date of this acquisition was August 1, 2011.
In addition, on September 1, 2011, ENP closed the previously announced acquisition of non-operated producing oil and natural gas assets in Sweetwater County, Wyoming from an undisclosed seller for a purchase price of $28.2 million after consideration of preliminary purchase price adjustments. The properties acquired by ENP have estimated total net proved reserves of 4.2 million barrels of oil equivalent, of which approximately 65% are natural gas reserves and 35% are oil and natural gas liquids reserves. The reserves are 90% proved developed and the current net production attributable to the assets being acquired is approximately 880 Boe/d. The effective date of the acquisition was June 1, 2011.
In conjunction with these acquisitions, ENP has entered into new oil and natural gas hedges covering a substantial portion of the estimated production related to the proved developed reserves from these acquisitions for the next several years.
AI
