![]() The combined company has more than 500 million barrels of oil equivalent of additional potential barrels recoverable with CO2 tertiary operations. This combination will also further enhance Denbury's position as the natural buyer and owner of mature oil properties in our core regions and the partner of choice for CO2 emitters looking to reduce their carbon footprint." "Encore has built an enviable asset portfolio in the Rockies, anchored by mature legacy crude oil assets, and our combined size and scale of operations will allow us to undertake significantly larger CO2 projects in the Gulf Coast and the Rockies. ![]() The reserve-to-production ratio is 13 years.Įncore's assets involve more than 300,000 net acres in the North Dakota Bakken shale, a 30% working interest (22.5% net revenue interest) in 100,000 gross acres in West Texas in a joint venture with ExxonMobil Corp., Irving, Texas, (NYSE: XOM) more than 19,000 net acres in the Haynesville shale play in Caddo and Desoto parishes, Louisiana, and some 99 million barrels of oil equivalent net proved reserves in the Powder River and Williston basins in Montana and Wyoming.ĭenbury chief executive Phil Rykhoek says Encore is an excellent fit with Denbury's CO2 enhanced oil recovery (EOR) program. Production for first-half 2009 averaged 41,652 barrels of oil per day. Encore stockholders hold approximately 34% of the combined company.Įncore Acquisition had total proved reserves of 186 million barrels of oil equivalent (72% oil 80% proved developed). The acquisition also involves some $1 billion in Encore Acquisition debt. (NYSE: EAC) for approximately $4.5 billion in cash, stock and debt assumption, including the value of the minority interest in the MLP Encore Energy Partners LP (NYSE: ENP), making it one of the largest oil-focused independent oil and gas companies in the U.S.ĭenbury issued approximately 134.4 million shares of its common stock and paid approximately $829.4 million in cash to Encore stockholders, or about $50 per Encore share comprised of $15 in cash and $35 in stock. Meritorious Awards for Engineering Innovation (MEAs)Īcquired company with assets in MT, WY, ND, TX, LA, gaining 186 MMBOE proved, 41,600 BOE/d.ĭallas-based E&P Denbury Resources Inc., (NYSE: DNR) has closed its acquisition of Fort Worth, Texas-based Encore Acquisition Co.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. ![]()
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