Vanguard Natural Offers $567 mln for Rest of Encore Energy

Mar. 25, 2011 01:08AM PST

Reuters reports that Vanguard Natural Resources LLC (NYSE:VNR) offers to buy the rest of Encore Energy Partners LP to get entire access to Encore’s oil-heavy reserves amid surging crude prices.

The press release is quoted as saying:

Oil, condensate, and natural gas liquids reserves accounted for 70 percent of Encore Energy’s total proved reserves of 41.1 million barrels of oil equivalent as of last year. Vanguard’s total proved reserve mix is 47 percent natural gas, 38 percent oil and 15 percent natural gas liquids. The offer by Houston-based Vanguard, which owns a 46 percent stake in Encore Energy , values the Fort Worth, Texas-based company at about $1.05 billion.

Click here to access the entire press release