Vanguard Natural Resources LLC has entered into a definitive agreement to acquire natural gas, oil, and natural gas liquids (NGL) assets in North Louisiana and East Texas for a purchase price of US$ 278 million from Hunt Oil Co.
The properties consist of 23 000 net acres that are currently producing 17.5 million ft3/d with 67% natural gas and 33% oil and NGL. The effective date of the acquisition is 1 June , and the company anticipates closing this acquisition on or before 1 October.
Vanguard intends to fund this acquisition with borrowings under its existing reserve-based credit facility.
Adapted from press release by Hannah Priestley-Eaton