Encore Energy Partners LP said Tuesday it has closed on a $14.8 million purchase in the Permian Basin for oil and natural gas assets from a private seller.
The acquisition has estimated total net proved reserves of 1.03 million barrels of oil equivalent; about 87 percent are oil and natural gas liquids reserves. Current production is approximately 115 barrels of oil equivalent per day.
Houston-based Encore (NYSE: ENP) also has entered into a definitive agreement to pay $28.5 million for certain non-operated working interests in producing oil and natural gas assets in Sweetwater County, Wyo. The seller is undisclosed.
These assets have an estimated total of proved reserves of 4.175 million barrels of oil equivalent; approximately 65 percent are natural gas reserves, and 35 percent are oil and natural gas liquids reserves. The assets are 90 percent proved developed; the net production is about 880 barrels of oil equivalent per day.
Closing on this deal is expected in September.
Source: Houston Business Journal
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