Encore Acquisition Co. has completed its acquisition of oil and natural gas properties in the Big Horn Basin of Wyoming, the company said.
Encore bought the properties for $400 million in cash from subsidiaries of Anadarko Petroleum Corp. after originally announcing the purchase agreement in January.
Encore also said it has secured a new five-year credit facility with Bank of America as the administrative agent. The facility is valued at $1.25 billion with an initial borrowing base of $650 million. The facility replaced a $750 million credit facility that had a borrowing base of $550 million.
Encore Acquisition is a Fort Worth-based oil and natural gas developer.
Anadarko Petroleum is a oil and gas production company based in The Woodlands, a suburb of Houston.
www.encoreacq.com
The Dallas Business Journal
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