Encore Energy Partners LP declares second quarter 2008 production and provided an operations update.
The Partnership reported average daily production of 6,600 BOE per day for the second quarter of 2008 which equaled the high-end of the Partnership's previously released production guidance and represented an increase of 291 BOE/D over first quarter 2008 production. The average daily production volumes for the second quarter of 2008 are composed of 4,645 Bbls of oil per day and 11,729 Mcf of natural gas per day.
Jon S. Brumley, Chief Executive Officer of Encore Energy Partners GP LLC, stated, "We are excited about our production exceeding guidance at a time of high commodity prices. Our switch to a variable distribution method was just in time to allow our unitholders to participate in the oil rally. This variable distribution policy makes ENP a 'best in class' total return investment for our partners. Our partnership is composed of a unique set of properties that allow the partnership to maintain production with only 10% of cash flow, return large distributions to the unitholders, and pay down debt, ensuring that the partnership gets healthier and healthier every quarter. You can't ask for a better quarter. We have more production, less debt, and will have returned a large distribution to our partners. Now that adds value."
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Encore Energy Partners LP
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