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Vanguard Natural Resources Signs Agreement to Acquire South Texas Property

Vanguard Natural Resources, Llc Lewis Energy
AnnouncedSep 1, 2008
LocationEagle Ford Shale
Announced Date
September 01,2008
Close Date
September 01,2008




Snapshot
Location
Region
Gulf Coast - South Texas

Country
United States

State
Texas

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Vanguard Natural Resources, LLC  today announced it has signed a definitive agreement to acquire natural gas properties in South Texas for $53.4 million ($32.04 million in cash and $21.36 million of equivalent VNR units) from an affiliate of the Lewis Energy Group ("Lewis"). The properties to be acquired have total estimated net proved reserves of 20 Bcfe as of June 1, 2008, of which approximately 98% is natural gas and 65% is proved developed. These reserves have a 1,150 Btu content. Lewis will continue to operate all of the wells acquired in this transaction and will continue to operate the…

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