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Vanguard To Buy Denbury's Stake In Encore Energy For $380 Million

DOW JONES NEWSWIRES Vanguard Natural Resources LLC (VNR) said it will buy all of fellow oil-and-gas explorer Denbury Resources Inc.'s (DNR) interest in Encore Energy Partners LP (ENP) for about $380 million. Vanguard may choose to pay up to $80 million of the total purchase price in equity. When the deal closes, Vanguard will own Encore's general partner and about 46% of Encore's common units. Vanguard said it plans to continue to operate the entities independently after the deal is done, and the companies will maintain separate boards. Denbury has been shedding assets it acquired with its purchase of slightly smaller rival Encore Acquisition Co. earlier this year in a deal valued at about $3.25 billion, seeking to reduce leverage and focus capital on core areas. In October, it sold off its Haynesville and East Texas natural-gas assets to an unidentified company for about $217.5 million. "We are excited about the prospects of acquiring Encore's general partner and becoming a significant unitholder of the limited partnership " said Vanguard President and Chief Executive Scott W. Smith. "This acquisition furthers our plan to increase exposure to oil-focused assets." Vanguard earlier this month said its third-quarter earnings more than doubled on fewer derivative losses. Meanwhile, Denbury said profit increased 8.3% as revenue climbed, while Encore's earnings slid 67% on derivatives impacts. Equity of all three was inactive premarket. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com

Stock News for Vanguard Natural Res (VNR)
DateTimeHeadline
09/12/201209:16:34U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
11/01/201108:01:09Registration Effectiveness Orders Issued By The SEC
11/17/201009:31:37Vanguard To Buy Denbury's Stake In Encore Energy For $380 Million

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