Encore Energy Partners LP (NYSE: ENP) (the “Partnership” or “ENP”) announced that it has entered into an agreement with an independent energy company to purchase natural gas producing properties in the Vinegarone Field in Val Verde County, Texas for $28 million in cash, subject to customary purchase price adjustments and closing conditions. In addition, the Partnership entered into an agreement with Encore Acquisition Company (NYSE: EAC) (“EAC”) to purchase oil and natural gas producing properties in the Williston Basin for $25.8 million in cash, subject to customary purchase price adjustments and closing conditions. The acquisitions will be effective April 1, 2009 and are expected to close by June 1, 2009. The transaction will be immediately accretive to ENP’s distributable cash flow per unit. Due to this accretion, the Partnership expects that the annualized distribution rate will increase from $2.00 per unit for the first quarter of 2009 to $2.05 per unit beginning with the distribution for the second quarter of 2009.

Related posts

• Ciena Reports Unaudited Fiscal Fourth Quarter 2009 and Year-End Results (0)
• Ocean Power Technologies Announces Results for the Quarter and Six Months Ended October 31, 2009 (0)
• Dynamotive Reports Q3 Operating Results (0)
• Murray Energy Corporation to Host Investor Conference Call on Third Quarter 2009 Financial and Operating Results (0)
• Resolute Energy Corporation Announces Third Quarter Earnings Conference Call – Monday, November 16, 2009, 5:00 PM EST (0)