The Company funded the acquisition with borrowings under its five-year, $1.25 billion senior secured credit facility, which currently has a borrowing base of $950 million that matures on March 7, 2012 under which Bank of America serves as administrative agent. The new credit facility is secured by a first-priority lien on certain of the Company's proved oil and natural gas reserves.
Encore Acquisition Company is engaged in the development of onshore North American oil and natural gas reserves. Since 1998, Encore has acquired high-quality assets and grown them through drilling, waterflood, and tertiary projects. Encore's properties are located in the Rockies, the Mid-Continent, and the Permian Basin.
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