Vanguard Natural Resources to buy Arkoma basin assets
Houston independent Vanguard Natural Resources LLC agreed to acquire natural gas and associated liquids assets in the Woodford shale and Fayetteville shale of the Arkoma basin for $445 million from Antero Resources, Denver.
The transaction involves 66,000 net acres in the Woodford shale and 5,300 net acres in the Fayetteville shale. Closing is expected by June 29 with an effective date of Apr. 1.
Vanguard Pres. and Chief Executive Officer Scott W. Smith said the acquisition has an existing hedge that will allow Vanguard to achieve above-market pricing for several years.
The assets have proved reserves of 420 bcf of gas equivalent, of which 58% proved developed.
Current net production is 76 MMcfed, of which 91% is gas from 833 gross wells (134 producing wells to be operated by Vanguard in the Woodford shale).
Paula Dittrick | Senior Staff Writer
Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.
Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.
