UPDATE 1-Encore Acquisition adj Q4 profit beats mkt estimates

lunes 22 de febrero de 2010 15:20 CET

* Q4 adj EPS $0.29 vs est $0.15

* Revenue rises more than 32 percent

* Says result helped by higher wellhead oil price

Feb 22 (Reuters) - Onshore oil and gas producer Encore Acquisition Co EAC.N, which to being bought by Denbury Resources Inc (DNR.N: Cotización), posted an adjusted fourth quarter profit that handily beat market estimates, as the company benefited from higher crude prices.

For the latest quarter, the company posted a net loss of $21.6 million, or 40 cents a share, compared with a net income of $229.0 million, or $4.32 a share, a year ago.

Excluding items, the company reported an income of 29 cents. On that basis, analysts on average had expected 15 cents a share, according to Thomson Reuters I/B/E/S.

Total revenue at the company, whose properties are located in the Rockies, the Mid-Continent, and the Permian Basin, rose more than 32 percent to $221.6 million, which was ahead of estimates of $219.7 million.

The company said average wellhead oil price, or the net price it receives for oil production, rose 46 percent to $67.94 per barrel. The average wellhead oil price was helped by a higher NYMEX oil price.

In November Denbury, agreed to buy Encore for $3.2 billion, to create one of North America's largest oil production and exploration companies. [ID:nN01400606]

Stock of Fort Worth, Texas-based Encore, which has risen more than 116 percent in the last one year, closed at $49.98 Friday on the New York Stock Exchange. (Reporting by Krishna N. Das in Bangalore; Editing by Savio D'Souza)