Encore energy partners vanguard full#

RBC Capital Markets was financial advisor to Vanguard. Smith says, 'With this transaction, we more than doubled our reserves and production and have expanded our operating platform in the prolific Permian Basin and established new oil focused operating areas in the Big Horn Basin in northwestern Wyoming and in the Williston Basin in North Dakota and Montana. Vanguard president and chief executive Scott W. Total proved reserves as of year-end 2010 were 28.7 million stock tank barrels of oil and 74.5 billion cubic feet of gas. As of year-end 2010, the company had 1,112 operated wells and 1,653 nonoperated wells. Cash will be paid to Encore unitholders in accordance with the merger agreement in lieu of any fractional units they otherwise would have been entitled to receive.Įncore Energy Partners, with its subsidiaries, has assets primarily 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. Vanguard issued 0.75 Vanguard common unit per Encore unit for a total issue of 34.1 million units. Vanguard Natural Resources LLC, Houston, (NYSE: VNR) has closed its purchase of Encore Energy Partners LP, Houston, (NYSE: ENP) for approximately $921 million. Meritorious Awards for Engineering Innovation (MEAs).Rextag database of energy infrastructure assets Prices for top E&P stocks and commodities. Information on assets, buyers and sellers, deal values, and more.Ī searchable database of oil and gas debt and equity offerings. given the fact Vanguard owns nearly half of Encore and they control the general partner, which is why no other entity came to make a bid,' the analyst said.Database of selected U.S. 'We don't anticipate anything - fiduciary or otherwise that would prevent the deal being closed. Vanguard said completion of the deal is subject to approval by a majority of the Encore unit holders. WHEREAS, ENP GP is the sole general partner of Encore Energy Partners LP, a Delaware limited. 'The absolute value of the deal being lower is a function of lower commodity prices since the original deal was announced.' Vanguard's units are down about 9% since the proposal was unveiled, while those of Encore have lost about 7% of their value. The Selling Parties, Buyer and Vanguard are referred to. The exchange ratio has increased by 4.4% from the prior offer,' Bellamy said. Under Monday's deal, each Encore unit would be swapped for 0.75 Vanguard units. Vanguard's main assets lie in the Appalachian Basin and the Permian Basin, as well as in South Texas and Mississippi. Encore owns 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, as well as the Arkoma Basin in Arkansas and Oklahoma. The transaction 'would simplify our commercial activities and organizational structure, as well as lower our overall cost of capital,' said Scott Smith, chief executive of Houston-based Vanguard. The deal, expected to close in the fourth quarter, will end an agreement under which Encore had to pay an annual fee of $6.5 million to its general partner, which is owned by Vanguard. 'It is a good deal for both unit holder bases,' said Robert W. The committee, which comprised independent directors, negotiated the terms on behalf of Fort Worth, Texas-based Encore. Although at $21.94 per unit the transaction values Encore below the original offer of $23.20, terms of the agreement were unanimously approved by the Encore conflicts committee. Vanguard already owned a stake of about 46% in Encore which it purchased for $393 million in cash and stock from Denbury Resources in January (OD Jan.5'11). The deal, which seals a proposal made by Vanguard in March, adds to its portfolio a company 70% of whose reserve as of last year was made up of oil, condensate, and gas liquids (OD Mar.28'11).

Encore energy partners vanguard full#

Oil and natural gas producer Vanguard Natural Resources said it will buy the roughly 54% of Encore Energy Partners it does not already own for about $544.8 million, gaining full access to Encore's oil-weighted reserves at a time of strong crude prices.