from seeking alpha----
Vanguard Natural Resources to acquire oil and gas properties for $278M • 7:42 AM
•Vanguard Natural Resources (NASDAQ:VNR) agrees to acquire natural gas, oil and natural gas liquids assets in north Louisiana and east Texas from Hunt Oil for $278M.
•The properties consist of ~23K net acres currently producing ~17.5M cfe/day, two-thirds natural gas and one-third oil and NGLs.
•VNR says the acquisition will be immediately accretive to distributable cash flow at closing.
VNR grows
Re: VNR grows
VNR is in our High Yield Income Portfolio and I like it a lot. Upstream MLPs grow primarily by acquisitions like this. All four of the upstream MLPs (BBEP, LINE, MEMP and VNR) were selected for the portfolio because I expect them to make deals like this. - Dan
Vanguard Natural Resources, LLC (VNR) (“Vanguard” or “the Company”) today announced it has entered into a definitive agreement to acquire natural gas, oil and natural gas liquids (“NGLs”) assets in North Louisiana and East Texas for a purchase price of $278 million from Hunt Oil Company. The properties consist of approximately 23,000 net acres that are currently producing approximately 17.5 MMcfe per day with approximately 67% natural gas and 33% oil and NGLs. The effective date of the acquisition is June 1, 2014 and the Company anticipates closing this acquisition on or before October 1, 2014. The Company intends to fund this acquisition with borrowings under its existing reserve-based credit facility.
Scott W. Smith, President and Chief Executive Officer, commented, “This acquisition of mature, long life natural gas and oil properties is an excellent addition to our current portfolio of assets. Along with an established base of producing assets, this acquisition features an inventory of behind pipe and low risk vertical drilling projects that we will begin to develop in 2015. In addition, based on our initial evaluation work, we believe there is the potential for meaningful horizontal drilling opportunities across some of the operated assets. With this transaction, we have established another core area from which we can continue to build upon in the future.”
Highlights of the acquisition include:
• Immediately accretive to distributable cash flow at closing;
• Estimated reserve life of over 23 years based on internally estimated proved reserves of approximately 150 Bcfe;
Vanguard Natural Resources, LLC (VNR) (“Vanguard” or “the Company”) today announced it has entered into a definitive agreement to acquire natural gas, oil and natural gas liquids (“NGLs”) assets in North Louisiana and East Texas for a purchase price of $278 million from Hunt Oil Company. The properties consist of approximately 23,000 net acres that are currently producing approximately 17.5 MMcfe per day with approximately 67% natural gas and 33% oil and NGLs. The effective date of the acquisition is June 1, 2014 and the Company anticipates closing this acquisition on or before October 1, 2014. The Company intends to fund this acquisition with borrowings under its existing reserve-based credit facility.
Scott W. Smith, President and Chief Executive Officer, commented, “This acquisition of mature, long life natural gas and oil properties is an excellent addition to our current portfolio of assets. Along with an established base of producing assets, this acquisition features an inventory of behind pipe and low risk vertical drilling projects that we will begin to develop in 2015. In addition, based on our initial evaluation work, we believe there is the potential for meaningful horizontal drilling opportunities across some of the operated assets. With this transaction, we have established another core area from which we can continue to build upon in the future.”
Highlights of the acquisition include:
• Immediately accretive to distributable cash flow at closing;
• Estimated reserve life of over 23 years based on internally estimated proved reserves of approximately 150 Bcfe;
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: VNR grows
from seeking alpha----
Vanguard Natural Resources misses by $0.08, beats on revenue • 4:27 PM
•Vanguard Natural Resources (NASDAQ:VNR): Q2 EPS of $0.27 misses by $0.08.
•Revenue of $161.52M (+38.4% Y/Y) beats by $1.5M.
Vanguard Natural Resources misses by $0.08, beats on revenue • 4:27 PM
•Vanguard Natural Resources (NASDAQ:VNR): Q2 EPS of $0.27 misses by $0.08.
•Revenue of $161.52M (+38.4% Y/Y) beats by $1.5M.