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.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info