Vanguard To Buy Properties In North Louisiana And East Texas For $278 Mln

(RTTNews) - Vanguard Natural Resources, LLC (VNR) announced Monday that it agreed to acquire natural gas, oil and natural gas liquids or "NGLs" assets in North Louisiana and East Texas for a purchase price of $278 million 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.

It expects the acquisition to be immediately accretive to distributable cash flow at closing.