Oil and natural gas company Vanguard Natural Resources has offered to buy the rest of Encore Energy Partners LP it does not already own for about $567 million in an all-unit deal that will give it full access to Encore's oil-heavy reserves. Encouraged by crude oil prices that are consistently trading above $100 a barrel, global exploration and production companies are hunting for deals that would shore up their liquid reserves. Oil, condensate, and natural gas liquids reserves accounted for 70 percent of Encore Energy's total proved reserves of 41.1 million barrels of oil equivalent as of last year.
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