Texas-based Encore Energy Partners LP has signed an agreement to acquire oil and natural gas producing properties in the Arkoma Basin and royalty interest properties primarily in Oklahoma as well as 10,300 unleased mineral acres from Encore Acquisition Company. 

The purchase price is $49 million in cash, less associated acquisition-related hedge premiums of approximately $3 million, resulting in a net purchase price of approximately $46 million.

Encore Energy Partners LP owns, develops, acquires, exploits, and operates oil and natural gas properties in the United States. The company is a subsidiary of Encore Acquisition Company.

The acquisition will be effective November 1, 2008 and is expected to close in early January 2009.
Shares of Encore Energy gained $ 1.32, or 12%, to settle at US$ 12. The total volume of shares traded was 72,718 at the NYSE. (Tuesday)