Encore Energy Partners, a limited partnership that operates low-risk oil and gas producing properties in Montana, Wyoming and Texas, priced its 9.0 million unit offering at $21, the midpoint of the proposed $20-$22 range. Spun off from public oil and gas production company Encore Acquisition Corporation (EAC), Encore Energy will use the IPO proceeds to pay down debt incurred from recent acquisitions, which should free up its balance sheet so that the partnership can purchase additional additional oil wells and ramp its daily production. UBS and Lehman Brothers headed the list of underwriters on the deal. The units are slated to begin trading on the NYSE under the symbol "ENP."
