Vanguard to Acquire Properties in Montana

Source: www.gulfoilandgas.com 11/15/2012, Location: North America

Vanguard Natural Resources, LLC (Vanguard or the Company) announced it has entered into a definitive agreement with an undisclosed seller to acquire certain non-operated oil and natural gas assets in Montana for a purchase price of $131.0 million. However, the properties under the agreement are subject to a third party’s preferential right to purchase, which expires thirty days after notice.

The properties are located in the Bakken trend and are characterized by mature oil production with some associated natural gas production. The properties will be immediately accretive to cash flow and have current net production of approximately 1,100 BOE per day. The effective date of the acquisition is August 1, 2012 and the Company anticipates closing this acquisition on or before December 31, 2012. The Company intends to fund this acquisition with borrowings under its existing reserve-based credit facility.


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Related Categories: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

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