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Encore To Buy $53 Million In Oil-producing Land

Stock quotes in this article: ENP  

FORT WORTH, Texas (AP) — Encore Energy Partners LP said Monday it will purchase $53.8 million of oil-producing land in Texas, Montana and North Dakota that includes over 100 oil wells.

The company plans to purchase lands in Val Verde County, Texas, for $28 million in cash and other properties in Montana and North Dakota for $25.8 million. The transaction, which is expected to close by June 1, should increase earnings immediately, the company said in a statement.

Encore said it expects the transaction to increase its distributable cash flow rate to $2.05 per share from $2 for the second quarter of 2009. ...

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