S&P affirms Encore

Standard & Poor's said it affirmed its BB- corporate credit rating on Encore Acquisition Co.

The outlook is negative.

The agency said that the affirmation follows Encore's announcement of its $410 million cash acquisition of oil- and gas-producing properties in the Williston Basin of Montana and North Dakota from Anadarko Petroleum Corp.

Combined with the Big Horn acquisition from Anadarko a week earlier, the transactions add about 41 million barrels of oil equivalent of proved developed reserves to Encore at a price of $810 million and S&P said it views the acquisitions as solidly fitting Encore's operating strengths and regional focus.

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