UPDATE 1-Encore Energy to buy oil properties for $250 mln
(Adds details of acquisition)
SEATTLE, Dec 28 (Reuters) - Encore Energy Partners (ENP.N) said on Friday it agreed to acquire oil and natural gas producing properties from Encore Acquisition Co (EAC.N) for $250 million in cash and equity.
Encore Energy will acquire properties in the Permian and Williston Basins with proven reserves of 10.8 million barrels of oil equivalent and current production of 1,800 barrels of oil equivalent a day.
The company will pay Encore Acquisition $125 million in cash and 6.88 million, or about $125 million worth, of common units representing limited partner interests in Encore Energy.
The acquisition will lift Encore Acquisition's ownership of Encore Energy Partners to approximately 68 percent.
The Wilmington Basin is in eastern Montana, western North Dakota and western South Dakota. The Permian Basin is in western Texas. (Reporting by Daisuke Wakabayashi, editing by Richard Chang, Gary Hill)
