Encore Energy Partners (ENP) has closed on the acquisition of producing oil and natural gas properties in the Permian Basin of West Texas in the US for a net purchase price of $14.8m from a private seller.
According to the company, the acquired assets have estimated total net proved reserves of 1.03 million barrels of oil equivalent, of which about 87% are oil and natural gas liquids reserves.
The properties are 51% proved developed and the current production is approximately 115boe/d.
ENP has also entered into an agreement to buy certain non-operated working interests in producing oil and natural gas assets in Sweetwater County in the US state of Wyoming for $28.5m.
These assets have estimated total proved reserves of 4.175 million barrels of oil equivalent, of which about 65% are natural gas reserves and 35% are oil and natural gas liquids reserves.
The properties are 90% proved developed and the net production attributable to the assets being acquired is about 880boe/d, the company said.
Source: Energy Business Review
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