Acquisition of Eagle Rock Energy Partners, L.P. May 22, 2015
Transaction Overview VNR to acquire Eagle Rock Energy by issuing 0.185 units of VNR for each EROC unit Consideration Implied purchase price of 3.05 per Eagle Rock Energy common unit based on Vanguards closing price on May 21,…
Eagle Rock Energy Partners, L.P. Overview Publicly traded upstream MLP formed in May 2006 (NASDAQ: EROC) Capitalization Table(1) based in Houston, TX ( in millions) Owns operated and non-operated wells located in four significant…
Operational Metrics of Pro Forma Company Vanguard LRR Energy Eagle Rock Energy PF Vanguard PUD PUD PUD 12% PUD 22% 32% PDNP 29% Reserves(1) 15% PDNP 6% PDP PDNP PDP by Category PDNP 4% 64% PDP PDP 5% 66% 73% 72% 2,031…
VNR: Strategic Rationale Transaction adds attractive portfolio of mature, long-lived assets well-suited to upstream MLP structure Mature asset base with proved reserve life of 12 years Adds scale in Permian Basin and Mid-Continent…
Pro Forma Capitalization and Liquidity VNR + LRE + EROC Expected to improve 2014 and 2015 and beyond leverage metrics Capitalization Table (3/31/15) ( in millions) Vanguard LRR Energy Eagle Rock Pro Form a VNR Cash 15 3 0 17 RGP…
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