Encore Energy Partners LP Announces Completion of Acquisition from Encore Acquisition Company
August 11 2009 - 6:07PM
Business Wire
Encore Energy Partners LP (NYSE: ENP) (the “Partnership” or
“ENP”) announced today that it has completed the acquisition of
certain oil and natural gas properties in the Rockies and the
Permian Basin from Encore Acquisition Company (NYSE: EAC)
(“EAC”).
The Partnership funded the acquisition with proceeds from its
recently completed public offering of common units and borrowings
under its revolving credit facility. In conjunction with the
closing of the acquisition of properties from EAC, the syndicate of
lenders underwriting ENP’s revolving credit facility increased the
Partnership’s borrowing base from $240 million to $375 million.
As previously announced, the Partnership expects that its
annualized distribution rate will increase from $2.05 per unit for
the second quarter of 2009 to $2.15 per unit beginning with the
distribution for the third quarter of 2009.
About the Partnership
Encore Energy Partners LP was formed by Encore Acquisition
Company to acquire, exploit, and develop oil and natural gas
properties and to acquire, own, and operate related assets. ENP's
assets consist primarily of producing and non-producing oil and
natural gas properties in the Big Horn Basin in Wyoming and
Montana, the Williston Basin in North Dakota and Montana, the
Permian Basin in West Texas, and the Arkoma Basin in Arkansas.
Cautionary Statement
This press release includes forward-looking statements, which
give ENP's current expectations or forecasts of future events based
on currently available information. Forward-looking statements are
statements that are not historical facts, such as expected
distributions. The assumptions of management and the future
performance of ENP are subject to a wide range of business risks
and uncertainties and there is no assurance that these statements
and projections will be met. Factors that could affect ENP's
business include, but are not limited to: the risk factors detailed
in ENP’s most recent Form 10-K and other filings with the
Securities and Exchange Commission. If one or more of these risks
or uncertainties materialize (or the consequences of such a
development changes), or should underlying assumptions prove
incorrect, actual outcomes may vary materially from those
forecasted or expected. ENP undertakes no obligation to publicly
update or revise any forward-looking statements.
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