Vanguard, Encore Finalize Permian Basin Acquisition


Permian Basin
(Click to Enlarge)

Vanguard and Encore Energy announced that on July 29, 2011 they consummated the previously announced joint acquisition of oil and natural gas producing properties from an undisclosed seller for an adjusted purchase price of $81.4 million, subject to customary post-closing adjustments. The effective date of the acquisition was May 1, 2011.

The acquired properties are all located in the Permian Basin of West Texas and include:

  • Estimated total net proved reserves of 5.48 MMboe
  • 70% oil and natural gas liquids
  • Reserve to production ratio of approximately 15 years
  • Approximately 1,000 Boe/d of net daily production

In conjunction with this acquisition, both VNR and ENP have entered into new oil and natural gas hedges covering a substantial portion of the estimated production through 2014.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Office Manager
Expertise: Asset Management|Operations Management|Secretarial or Administrative
Location: Von Ormy, TX
 
Sr. Analyst - Mobile & Application Development
Expertise: IT - Programming & Database|IT - Software Development|Project Management
Location: Houston, TX
 
Senior Project Manager - Chemicals
Expertise: Project Management
Location: Greenville, SC
 
search for more jobs

Brent Crude Oil : $50.64/BBL 0.62%
Light Crude Oil : $48.04/BBL 1.47%
Natural Gas : $3.01/MMBtu 2.58%
Updated in last 24 hours