Denbury Resources, an oil and natural gas company, has closed the sale of its ownership interests in Encore Energy Partners (ENP) to Vanguard Natural Resources.
The company sold its entire interest in ENP’s general partner and about 20.9 million ENP common units, representing approximately 46% of ENP’s outstanding common units.
Total proceeds from the sale were approximately $393m, consisting of $300m cash and about 3,137,255 Vanguard common units.
Additionally, the existing bank debt of ENP, which was $234m as of 31 December 2010, remained with ENP in the sale.
Denbury has also reported that the last phase of the Green Pipeline in the US was completed in mid-December 2010 and CO2 injections at the Hastings Field started last month.