Encore Acquisition to use new credit facility borrowings for purchase of Big Horn assets

By Sara Rosenberg

New York, Jan. 17 - Encore Acquisition Co. will use borrowings under one or more credit facilities to fund its purchase of oil and natural gas properties in the Big Horn Basin in Wyoming, according to a company news release.

Bank of America will provide the bank financing.

Under the transaction agreement, Encore is buying the properties from Anadarko Petroleum Corp. for $400 million in cash, subject to customary purchase price adjustments.

The acquisition is expected to close by the end of the first quarter.

Encore is a Fort Worth, Texas, developer of onshore North American oil and natural gas reserves.

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