New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
August 4, 2014
07:33 EDTVNRVanguard Natural to acquire properties in Louisiana, Texas from Hunt Oil
Vanguard Natural Resources announced it has entered into a definitive agreement to acquire natural gas, oil and natural gas liquids assets in North Louisiana and East Texas for a purchase price of $278M from Hunt Oil Company. The properties consist of approximately 23,000 net acres that are currently producing approximately 17.5 MMcfe per day with approximately 67% natural gas and 33% oil and NGLs. The effective date of the acquisition is June 1, 2014 and the Company anticipates closing this acquisition on or before October 1, 2014. The company intends to fund this acquisition with borrowings under its existing reserve-based credit facility. Highlights of the acquisition include: Immediately accretive to distributable cash flow at closing; Estimated reserve life of over 23 years based on internally estimated proved reserves of approximately 150 Bcfe.
News For VNR From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
October 15, 2014
07:16 EDTVNRVanguard Natural board authorizes $10M common unit buyback program
Vanguard Natural Resources announced that its Board of Directors authorized a $10M common unit buyback program. The program was approved for an initial three month period which authorizes the company to make open market purchases pursuant to the SEC guidelines of Rule 10B-18. The company intends to hold the common units to fund the company’s long-term incentive plan as directed by the Compensation Committee. Executive Vice-President & CFO, Richard A. Robert commented also commented on the stock price fluctuations in the market place stating, “Companies in the energy sector as a whole and particularly the upstream MLP space have experienced large declines in stock price within the last 30 days in tandem with declines in crude oil prices. While Vanguard has experienced an approximate 24% drop in the unit price in the last 30 days we felt it is important to remind our investor base the risk mitigation strategies Vanguard employs to protect cash flow and maintain the monthly cash distributions to our investors which currently yields 11.4% on an annualized basis. For 2015, says assuming CapEx program of $215M, average NGL basket price of $24.44 per barrel, 25bp LIBOR interest rate increase effective July 1, 2015.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the disclaimer & terms of use