Denbury Resources Inc. today announced that on December 31, 2010 it closed the previously announced sale of its ownership interests in Encore Energy Partners LP to Vanguard Natural Resources, LLC (NYSE: VNR) (“Vanguard”). Denbury sold to Vanguard 100% of its interest in ENP’s general partner and approximately 20.9 million ENP common units, representing approximately 46% of ENP’s outstanding common units. Total proceeds from the sale were approximately $393 million, consisting of $300 million cash and 3,137,255 Vanguard common units valued at approximately $93 million based on the December 31, 2010 closing price of Vanguard units of $29.65. In addition, the existing bank debt of ENP, which was $234 million as of December 31, 2010, remained with ENP in the sale.[Read more]
Source: The Vancouver Sun
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