Vanguard Natural Resources and Encore Energy Partners Completes Their Merger
Friday, December 2, 2011
- A subsidiary of Vanguard Natural Resources and Encore Energy Partners completes their merger effective December 1, 2011.
- Cash will be paid to Encore unitholders in lieu of any fractional units they would have been entitled to receive.
Vanguard Natural Resources, LLC and Encore Energy Partners LP jointly announced today that the merger of Encore into a wholly-owned subsidiary of Vanguard completed effective today, December 1, 2011.
Scott W. Smith, president and chief executive officer of Vanguard said, "The completion of the merger between Vanguard and Encore is a milestone event for the company and our unitholders. With this transaction, we more than doubled our reserves and production and have expanded our operating platform in the prolific Permian Basin and established new oil focused operating areas in the Big Horn Basin in Northwest Wyoming and in the Williston Basin in North Dakota and Montana. Since the closing of the initial Denbury purchase in December of last year, we have successfully integrated the operations of the two companies and now, as a single, much larger entity, we are looking forward to continuing our track record of growing reserves and distributions on behalf of our unitholders,"
Under the merger agreement, each Encore unitholder will receive 0.75 Vanguard common units for each Encore common unit they own. Cash will be paid to Encore unitholders in accordance with the merger agreement in lieu of any fractional units they otherwise would have been entitled to receive.
This article is for information and discussion purposes only and does not form a recommendation
to invest or otherwise. The value of an investment may fall. The investments referred to in this
article may not be suitable for all investors, and if in doubt, an investor should seek advice from
a qualified investment adviser. More