Encore Acquisition to draw on bank facility to fund acquisitions

By Kimberly N. Alleyne

Stroudsburg, Pa., Aug. 22 - Encore Acquisition Co. said it will draw on its $450 million credit facility to fund two separate acquisitions announced Monday.

The company said it will pay $123 million to buy oil and gas interests and an oil and gas company from private sellers.

Encore expects the transactions to close in September and October.

The acquisition properties are located in the western Anadarko Basin and the Golden Trend area of Oklahoma, and the Williston Basin in Montana and North Dakota. The properties also include areas in western Oklahoma and eastern Montana.

Encore is a Fort Worth, Texas, independent energy company engaged in the acquisition, development and exploitation of North American oil and natural gas reserves.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.