Denbury Resources to acquire Encore in $4.5B deal

11/1/2009 | Reuters

Denbury Resources will spend $4.5 billion to purchase Encore Acquisition, forming one of the biggest companies focused on oil production and exploration in North America. The sale price covers $1.3 billion of Encore's debt and about $400 million for a minority stake in Encore Energy Partners, said Bob Reeves, the company's chief financial officer. The combined companies will have more than 500 million barrels of oil equivalent in extra potential barrels recoverable via carbon dioxide tertiary activities.

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