Vanguard Natural Resources Acquires Permian Basin Assets
Posted on: Wednesday, 6 February 2008, 06:00 CST
Oil and gas development firm Vanguard Natural Resources has announced it has consummated its previously announced acquisition of oil and natural gas producing properties in the Permian Basin from Apache Corporation for an adjusted purchase price of $73.4 million.
The acquired properties are all located in the Permian Basin of west Texas and southeast New Mexico, and include estimated proved reserves of 4.4 million barrels of oil equivalent. Approximately 90% of the resource is proved developed and 83% of it is oil.
Vanguard Natural Resources stated that the properties' reserve to production ratio is approximately 15 years and accounts to approximately 800 barrels of oil equivalent per day of net daily production.
This acquisition was funded with borrowings under Vanguard's existing credit facility. After consideration of this acquisition, borrowings under the credit facility total $100.5 million.
Scott Smith, Vanguard's president and CEO, said: "We are excited to get this first major acquisition closed and are looking forward to building upon this asset base by expanding our interests in the Permian Basin."
Source: Datamonitor
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