Vanguard Sells SCOOP/STACK Assets to PrivateCo for $272 Million
Multiples
Transaction Details:
Closing Announcement - May 19, 2016
Vanguard Natural Resources, LLC announced it consummated the previously announced sale of its natural gas, oil and natural gas liquids assets in the SCOOP/STACK area in Oklahoma to entities managed by Titanium Exploration Partners, LLC for an adjusted price of $272.5 million, subject to customary final post-closing adjustments. RBC Richardson Barr acted as exclusive advisor to Vanguard for this transaction.
Characteristics of the assets sold include:
- 239 MMcfe of 2015 year-end reserves with approximately 56% being natural gas, 13% oil and 31% natural gas liquids (NGLs);
- Properties consist of more than 20,000 total net acres in the SCOOP/STACK area in Oklahoma;
- Current production of approximately 50 MMcfe per day;
- Approximately 410 producing wells;
- No impact to Vanguard's overall hedge volume;
- Proceeds from the sale immediately used to pay down borrowings under Vanguard's reserve based credit facility; and
- Vanguard's 2016 Spring Borrowing Base Redetermination is scheduled to be completed on May 26, 2016.
Initial Announcement - March 30, 2016
Vanguard Natural Resources, LLC announced it has entered into a definitive agreement to sell its natural gas, oil and natural gas liquids assets in the SCOOP/STACK area in Oklahoma for $280 million, subject to typical purchase price adjustments at closing, to entities managed by Titanium Exploration Partners, LLC.
Assets:
The effective date of the sale is January 1, 2016 and the Company anticipates closing this acquisition on or before May 18, 2016. At closing, Vanguard anticipates providing updated operating and financial guidance for 2016.
Proceeds from the sale will be used to reduce borrowings under the Company's reserve-based credit facility. RBC Richardson Barr acted as exclusive advisor to Vanguard for this transaction.
Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
---|---|---|---|---|---|
Sep-06-2022 | - | - | Click here | E&P | |
Jul-28-2022 | - | - | Click here | Texas | E&P |
Jun-29-2022 | - | - | Click here | Oklahoma | E&P |
Mar-02-2022 | - | - | Click here | Oklahoma | E&P |
Nov-01-2021 | - | - | Click here | Oklahoma | E&P |
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Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
---|---|---|---|---|---|
Sep-13-2018 | - | - | Click here | E&P | |
May-09-2018 | - | - | Click here | E&P | |
Apr-03-2017 | - | - | Click here | Texas | E&P |
May-22-2015 | - | - | Click here | Oklahoma | E&P |
Apr-21-2015 | - | - | Click here | E&P |
Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
---|---|---|---|---|---|
Oct-27-2016 | - | - | Click here | Oklahoma | E&P |
Oct-27-2016 | - | - | Click here | E&P |