HOUSTON, Sept. 13, 2018 /PRNewswire/ — Vanguard Natural Resources, Inc. (OTCQX: VNRR) (“Vanguard,” “VNRR,” or the “Company”) today announced that it 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.
About Vanguard Natural Resources, Inc.
Vanguard Natural Resources, Inc. is an independent exploration and production company focused on the production and development of oil and natural gas properties in the United States. Vanguard’s assets consist primarily of producing and non-producing oil and natural gas reserves located in the Green River Basin in Wyoming, the Piceance Basin in Colorado, the Permian Basin in West Texas and New Mexico, the Arkoma Basin in Arkansas and Oklahoma, the Gulf Coast Basin in Texas, Louisiana and Alabama, the Big Horn Basin in Wyoming and Montana, the Anadarko Basin in Oklahoma and North Texas, the Wind River Basin in Wyoming and the Powder River Basin in Wyoming. More information on Vanguard can be found at www.vnrenergy.com.