Encore Buys Oil-producing Land In Williston Basin

Earnings

The Associated Press

05/18/09 - 07:56 PM EDT

FORT WORTH, Texas (AP) Encore Energy Partners LP says it will purchase natural gas-producing land in Texas, and oil- and gas-producing land in Montana and North Dakota for a total of $53.8 million.

Encore plans to purchase natural gas-producing properties in the Vinegarone Field in Val Verde County, Texas for $28 million in cash; and properties in the Williston Basin of Montana and North Dakota for $25.8 million.

The company said Monday the Williston Basin properties produce from 13 fields in Montana and North Dakota and include over 100 producing wells.

The company says the transaction, expected to close by June 1, should increase earnings immediately.

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