The Work

July 11, 2011 6:59 PM

Four Firms Advise on Vanguard's Proposed Takeover of Encore Energy

Posted by Brian Baxter

Oil and gas producer Vanguard Natural Resources announced on Monday its intention to acquire the remaining 54 percent of Encore Energy Partners it doesn't already own.

Vanguard acquired its current stake in Encore last November from Denbury Resources Inc. in November for $380 million. Vanguard will pay an estimated $544.8 million to acquire the rest of Encore, Reuters reports. At current stock valuations, the target company is worth $998 million.

Vinson & Elkins corporate partners David Oelman and Stephen Gill, tax partner Thomas Crichton IV, employee-benefits partner David D'Alessandro, antitrust partner Cathy Lewis and environmental counsel Larry Pechacek are advising Houston-based Vanguard on the deal. The firm advised Vanguard last fall on its acquisition of Denbury's stake in Encore.

Mark Morton, a corporate partner at Delaware's Potter Anderson & Corroon, is advising a conflicts committee of Vanguard's board of directors on the transaction.

Encore has turned to Bracewell & Giuliani energy partners Gary Orloff and R. Daniel Witschey, finance partner Troy Harder, and tax partner Lance Behnke for counsel on the acquisition by Vanguard. Delaware's Richards, Layton & Finger is advising a conflicts committee of Encore's board of directors.

The transaction is expected to close in the fourth quarter of 2011, pending approval by Encore's unitholders and other closing conditions. Vanguard and its general partner, Encore, announced last month that they would each take a 50 percent stake in oil and gas assets in Texas's Permian Basin in an $85 million deal with a private seller.

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