Quantum Resources to buy former Encore assets

By OGJ editors
-- Quantum Resources Management LLC plans to buy certain oil and gas assets from Denbury Resources Inc. for $900 million.

Denbury acquired the assets in its $3.2 billion takeover of from Encore Acquisition Co. (OGJ, Nov. 9, 2009, p. 26).

The properties being sold are in the Permian basin, the Anadarko basin, and the East Texas basin. Closing is expected in May.

Production of these assets is estimated at 13,000 boe/d. As of Dec. 31, 2009, estimated proved reserves were 54 million boe, of which 64% was natural gas.

The agreement does not include Haynesville shale assets although Denbury executives said they still plan to sell those assets.

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