Encore Acquisition to use new credit facility borrowings for purchase of Williston Basin assets

By Sara Rosenberg

New York, Jan. 25 - Encore Acquisition Co. will use borrowings under one or more credit facilities to fund its purchase of oil and natural gas properties in the Williston Basin in Montana and North Dakota, according to a company news release.

Bank of America will provide the bank financing.

Under the transaction agreement, Encore is buying the assets from Anadarko Petroleum Corp. for $410 million in cash.

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

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