Encore Energy has completed the acquisition of producing oil and natural gas assets in the Permian Basin of West Texas, US, for $14.8m from a private seller.
The assets have estimated total net proved reserves of 1.03 million barrels of oil equivalent, of which approximately 87% are oil and natural gas liquids (NGL), and has a current production rate of 115 barrels of oil equivalent per day.
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Encore Energy also entered a definitive agreement to acquire non-operated working interests in producing oil and natural gas assets in Sweetwater County, Wyoming, for $28.5m.
These assets have estimated total proved reserves of 4.1 million barrels of oil equivalent, of which approximately 65% are natural gas and 35% are oil and NGL.
The firm has entered new oil and natural gas hedges, covering a substantial portion of the estimated production related to proved developed reserves from these acquisitions.
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By GlobalData
