![]() ![]() Daniel Witschey, Esq., Jonathan Sandlin, Esq., BRACEWELL & GIULIANI LLP, Houston, Texas Attorneys for Defendants David Baggett, John E. Remming, Esq., RICHARDS, LAYTON & FINGER, P.A., Wilmington, Delaware J. Oran, Jr., VINSON & ELKINS LLP, Houston, Texas Attorneys for Defendants Vanguard Natural Resources LLC, Encore Energy Partners LP, Encore Energy Partners GP LLC, Scott W. Brandon, Esq., VINSON & ELKINS LLP, Dallas, Texas Ronald L. ![]() Bradley, Esq., YOUNG, CONAWAY, STARGATT & TAYLOR, LLP, Wilmington, Delaware Michael C. Sun, Esq., WEISS & LURIE, New York, New York Attorneys for Plaintiffs. Wohl, Esq., Allie Lin, Esq., WOHL & FRUCHTER LLP, New York, New York Joseph H. Ernst, Esq., O KELLY & ERNST, LLC, Wilmington, Delaware Ethan D. Keener, Esq., ROSENTHAL MONHAIT & GODDESS, P.A., Wilmington, Delaware Ryan M. 6347-VCP MEMORANDUM OPINION Submitted: Decided: AugCarmella P. Mark Allen, Sr.IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE In re: ENCORE ENERGY PARTNERS LP UNITHOLDER LITIGATION ) ) ) Cons. Phil Rykhoek, Chief Executive Officer, 97 ENP's assets consist primarily of producing and non-producing oil and natural gas properties in the Big Horn Basin in Wyoming and Montana, the Williston Basin in North Dakota and Montana, the Permian Basin in West Texas and New Mexico, and the Arkoma Basin in Arkansas and Oklahoma. The Company's goal is to increase the value of acquired properties through a combination of exploitation, drilling and proven engineering extraction practices, with its most significant emphasis relating to tertiary recovery operations.Įncore Energy Partners LP is a publicly traded master limited partnership. ![]() The Company is the largest oil and natural gas operator in both Mississippi and Montana, owns the largest reserves of CO 2 used for tertiary oil recovery east of the Mississippi River, and holds significant operating acreage in the Rockies and Gulf Coast regions. ( is a growing independent oil and natural gas company. Actual results may vary materially.ĭenbury Resources Inc. These statements are based on engineering, geological, financial and operating assumptions that management believes are reasonable based on currently available information however, management's assumptions and the Company's future performance are both subject to a wide range of business risks, and there is no assurance that these goals and projections can or will be met. These risks and uncertainties are incorporated by reference as though fully set forth herein. This press release contains forward-looking statements that involve risks and uncertainties, including estimated sales proceeds, cash flow and capital expenditures, and other risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission, including Denbury's and ENP's most recent reports on Form 10-K and Form 10-Q. Wells Fargo Securities, LLC acted as advisor to Denbury on the sale. The Company plans to use the proceeds from the sale to repay outstanding bank debt and to fund any shortfall between its anticipated cash flows from operations and planned capital expenditures during 2011. The transaction is expected to close on or before December 31, 2010. Production attributable to ENP averaged 8,630 barrels of oil equivalent per day during the third quarter of 2010, and its proved reserves at Decemwere approximately 43.0 million barrels of oil equivalent (67% oil). Up to $80 million of the total consideration to be paid by Vanguard in the sale may be paid in Vanguard common units, at the option of Vanguard.īy virtue of Denbury's ownership of 100% of ENP's general partnership interest, Denbury consolidates 100% of ENP's financial results with Denbury's financial results, even though Denbury's aggregate ownership represents only approximately 46% of ENP's common ownership. Denbury is selling its interest in the entity which owns 100% of ENP's general partner's interest and approximately 20.9 million ENP common units, or approximately 46% of ENP's outstanding common units. (NYSE: DNR) ("Denbury" or the "Company") announced that it has entered into an agreement to sell its ownership interests in Encore Energy Partners LP (NYSE: ENP) ("ENP") to Vanguard Natural Resources, LLC (NYSE: VNR) ("Vanguard") for $380 million. ![]()
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