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Denbury Resources to buy Encore for US$4.5 bil. NEW YORK -- Denbury Resources Inc., a U.S. oil and natural-gas producer, said it will buy Encore Acquisition Co. for about US$4.5 billion to add fields in the Rocky Mountains and Gulf of Mexico. Encore stockholders will get US$50 per share, comprised of US$15 in cash and US$35 in Denbury common stock, the companies said in a joint press release distributed via Business Wire. Encore closed at US$37.07 a share on Oct. 31, and the stock is up 45 percent this year. The acquisition will double oil reserves for Plano, Texas- based Denbury, a specialist in extracting crude from mature fields. Denbury said it would postpone its third-quarter earnings release and conference call because of the transaction, which will allow Denbury to undertake larger projects using carbon dioxide to get oil in a process known as enhanced oil recovery. |
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