Vanguard Natural Resources to close on South Texas properties buy
Vanguard Natural Resources has recently told the press closed on its $53.4 million acquisition of natural gas properties from an affiliate of the Lewis Energy Group.
The acquired properties are located in the Dos Hermanos Field in Webb County in South Texas.
Houston-based Vanguard (NYSE: VNR) paid Lewis $32.04 million in cash and $21.36 million of equivalent VNR units for the properties, which have total estimated net proved reserves of 20 Bcfe as of June 1, 2008, of which about 98 percent is natural gas and 65 percent is proved developed. These reserves have a 1,150 Btu content.
Lewis will continue to operate all of the acquired wells and will continue to operate the undeveloped portion of the properties, which Vanguard and Lewis will jointly develop
