Encore Acquisition Co., Fort Worth, Texas, (NYSE: EAC) plans to acquire oil and gas properties in the Big Horn Basin in Wyoming from subsidiaries of Anadarko Petroleum Corp., Houston, (NYSE: APC) for $400 million in cash. The assets are primarily in Park County, and include 614 wells on two fields on 17,550 net acres in the Elk Basin and Gooseberry area. The sale also includes the Elk Basin gas plant and the Clear Fork Pipeline Co., a gathering system. Net production is approximately 4,350 barrels of oil equivalent per day (80% oil), with 350 barrels equivalent in gas liquids produced from the gas plant. Proved reserves are 20 million barrels equivalent (97% oil, 90% proved-developed producing).
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