Vanguard Natural Resources to acquire properties in Montana
Vanguard Natural Resources today announced it has entered into a definitive agreement with an undisclosed seller to acquire certain non operated oil and natural gas assets in Montana for a purchase price of $131.0 million. However, the properties under the agreement are subject to a third party’s preferential right to purchase, which expires thirty days after notice.
The properties are located in the Bakken trend and are characterized by mature oil production with some associated natural gas production. The properties will be immediately accretive to cash flow and have current net production of approximately 1,100 Boepd. The effective date of the acquisition is August 1, 2012 and the company anticipates closing this acquisition on or before December 31, 2012.