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Oil field developer seals acquisition

ONSHORE oil field developer Encore Acquisition Co said it would buy oil and gas properties in the mid-continent and East Texas from EXCO Resources Inc for US$375 million in cash.

The firm said it would fund the acquisition partly from its sale of properties in the Rockies and Permian basin to oil and gas company Encore Energy Partners LP for US$190 million, and from borrowings under its credit facility.

Encore Energy was formed by Encore Acquisition to acquire oil and gas properties.

Separately, Encore Energy said its acquisition of properties in Rockies and the Permian would be accretive to its distributable cash flow per unit.

Encore Energy said its annualized distribution rate will increase to US$2.15 per unit from US$2.05 per unit from the third quarter.


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