Encore Energy Partners LP Announces Quarterly Distribution
January 25 2010 - 4:40PM
Business Wire
Encore Energy Partners LP (NYSE: ENP) (the “Partnership” or
“ENP”) announced today that the board of directors of its general
partner declared a cash distribution of $0.5375 per unit, or $2.15
per unit on an annualized basis, for the quarter ended December 31,
2009. The total distribution of $24.6 million will be paid on or
about February 12, 2010 to unitholders of record at the close of
business on February 8, 2010.
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 New Mexico, and the Arkoma Basin in
Arkansas and Oklahoma.
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. 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
risks associated with drilling of oil and natural gas wells; ENP's
ability to find, acquire, market, develop, and produce new
reserves; the risk of drilling dry holes; oil and natural gas price
volatility; derivative transactions (including the costs associated
therewith and the ability of counterparties to perform thereunder);
uncertainties in the estimation of proved, probable, and possible
reserves and in the projection of future rates of production and
reserve growth; inaccuracies in ENP's assumptions regarding items
of income and expense and the level of capital expenditures;
uncertainties in the timing of exploitation expenditures; operating
hazards attendant to the oil and natural gas business; drilling and
completion losses that are generally not recoverable from third
parties or insurance; potential mechanical failure or
underperformance of significant wells; climatic conditions;
availability and cost of material and equipment; the risks
associated with operating in a limited number of geographic areas;
actions or inactions of third-party operators of ENP's properties;
diversion of management's attention from existing operations while
pursuing acquisitions; availability of capital; the ability of
lenders to fulfill their commitments; the strength and financial
resources of ENP's competitors; regulatory developments;
environmental risks; uncertainties in the capital markets; general
economic and business conditions (including the effects of the
worldwide economic recession); industry trends; and other 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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