Encore Acquisition Company (NYSE:EAC) moved up $1.15, or 5.13%, to $23.70 today after the company announced that it would offer shares of its limited partnership interests in an initial public offering. The new entity is expected to own certain Wyoming oil and natural gas properties to be acquired from subsidiaries of Anadarko Petroleum Corporation and certain legacy oil and gas properties currently owned by Encore. This acquisition of Anadarko properties is valued at $400 million to be paid in cash, subject to customary purchase price adjustments. Encore said that the net proceeds from the initial public offering are expected to be used to repay indebtedness incurred in connection with the acquired properties.

Encore Acquisition Company (Encore) is an independent energy company engaged in the acquisition, development, exploitation, exploration and production of onshore North American oil and natural gas reserves. The Company's properties and oil and natural gas reserves are located in four core areas: the Cedar Creek Anticline (CCA) in the Williston Basin of Montana and North Dakota; the Permian Basin of West Texas and Southeastern New Mexico; the Mid-Continent area, which includes the Arkoma and Anadarko Basins of Oklahoma, the North Louisiana Salt Basin, the East Texas Basin and the Barnett Shale of north Texas, and the Rockies, which includes non-CCA assets in the Williston and Powder River Basins of Montana and North Dakota, and the Paradox Basin of southeastern Utah.

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