Vanguard Natural Resources, LLC has entered into a definitive agreement to acquire natural gas, oil and natural gas liquids (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.

Tags: Vanguard Natural Resources