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Vanguard Natural Resources Announces Additional Asset Divestiture Updates

Source: www.gulfoilandgas.com 9/13/2018, Location: North America

Vanguard Natural Resources, Inc. has executed a purchase and sale agreement for the sale of its ownership in natural gas properties in the Arkoma basin of Arkansas, which comprise all if its interests located in the state. The properties include operated and non-operated working interests, with current production of approximately 8 MMcf per day. Closing is expected to occur in early fourth quarter. Additionally, the Company has closed the divestment of five producing wells and associated undeveloped acreage in the DJ Basin in Weld County, Colorado. Total gross proceeds for the two transactions is approximately $14.5 million, subject to customary closing and post-closing adjustments.

The Company has also begun marketing this week its Greater East Haynesville divestment package which includes certain oil and natural gas properties in East Texas and North Louisiana. The properties include operated and non-operated working interests, with current production of approximately 2,500 Boe per day, and associated development rights. Vanguard has engaged RBC Richardson Barr to assist with this transaction.

The Company continues to progress other non-core asset sale processes and is actively preparing additional assets for potential divestment. The net proceeds from the sale of these properties will be used to further reduce debt under the Company’s revolving credit facility.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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