Vanguard Natural Resources, LLC has entered into a definitive agreement to acquire producing oil and gas assets in Mississippi, Texas and New Mexico for $113.1 million from a private seller. Details of where these assets are located were not disclosed.
The properties to be acquired have estimated total proved reserves of 4.7 million barrels of oil equivalent, of which approximately 96 percent are oil reserves and 61 percent are proved developed. At closing of this transaction later this month, net production attributable to the assets being acquired should be approximately 850 barrels of oil equivalent per day (Boe/d).
Houston, Texas-based Vanguard anticipates closing this acquisition on or before May 27, 2010.