Vanguard Natural Resources Reports Q1 Net Income of $4.3 Million

Vanguard Natural Resources has reported net income of $4.3 million for the first quarter of 2008, compared to a net loss of $1.6 million for the same period of 2007.

The company reported total revenues of $12.8 million for the first quarter of 2008, compared to total revenues of $8.2 million for the same period of 2007.

During the first quarter of 2008, the company produced 1,219 million cubic feet equivalent, resulting in adjusted EBITDA of $10.4 million. In the first quarter of 2008, the company participated in the drilling of 24 gross (10 net) wells in Appalachia, all of which were completed.

Scott Smith, president and CEO of Vanguard Natural Resources, said: “This quarter was a milestone for the company with the closing of the Permian Basin acquisition. With this transaction, we are now an operator in one of the most prolific producing basins in the US and have diversified our commodity mix to include a significant amount of oil production.”