Vanguard Natural Resources, LLC has entered into a definitive agreement to acquire natural gas, oil and natural gas liquids ('NGLs') assets in the Piceance Basin in Colorado for a purchase price of $525 million from Bill Barrett Corporation.

The properties consist of approximately 12,000 net acres that are currently producing approximately 67 MMcfe per day, after consideration of ethane rejection, with approximately 76% natural gas, 5% oil and 19% NGLs. The effective date of the acquisition is July 1, 2014 and the Company anticipates closing this acquisition on or before October 1, 2014.

Tags: Vanguard Natural Resources