Vanguard Natural Resources, announced that on January 31, 2014 it consummated the previously announced acquisition of natural gas and oil properties in the Pinedale and Jonah fields of Southwestern Wyoming for an adjusted purchase price of $549.1 million, subject to customary final post-closing adjustments. The effective date of the acquisition is October 1, 2013.
Significant benefits expected from the acquisition:
◾ Immediately accretive to distributable cash flow at closing;
◾ Estimated reserve life of over 20 years based on internally estimated proved reserves of 847 Bcfe;
◾ Properties consist of approximately 87,000 gross acres (14,000 net acres) that are currently producing approximately 113.4 Mmcfe per day with approximately 80% being natural gas, 4% oil and 16% natural gas liquids (“NGLs”);
◾Reserves and daily production will increase approximately 80% and 55%, respectively;
◾ Approximately 2,000 producing wells;