OVERVIEW – Vanguard Natural Resources, Llc

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Slides

Overview of Vanguard Natural Resources Upstream Energy LLC, headquartered in Houston Initial Public Offering VNR NYSE Arca October 2007 Increased distributions 18% since IPO Generating stable cash flow in current volatile…
Company Profile Company Metrics (1) Equity Market Cap 96 million Total Debt 135 million Enterprise Value 231 million (1) Based on market data as of November 13, 2008 (VNR closing price of 7.65). Positive cash distribution…
Asset Profile Appalachian Position (1) Appalachian Proved Reserves: 70 Bcfe (1,230 Btu gas content) 97% Gas and 68% PDP Permian Basin 543 gross/217 net undeveloped locations (60% PUD) 100% WI pre-2007; 40% WI 2007 and South…
Cash Distribution Coverage for 2009 Natural Gas Prices (/Mmbtu) 5.00 6.00 7.00 8.00 9.00 45.00 1.24x 1.25x 1.26x 1.31x 1.39x Crude Oil 55.00 1.26x 1.27x 1.28x 1.33x 1.41x Prices WTI 65.00 1.28x 1.29x 1.30x 1.34x 1.43x…
Vanguard Investment Highlights High quality, long lived reserves with stable production profile Recent acquisitions in the Permian basin and South Texas balance the commodity and geographic mix and supported 18% distribution…