Vanguard Natural Resources to buy Arkoma basin assets

By OGJ editors

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).

Related Articles

White House eyes steps to curb oil, gas methane emissions

03/29/2014 The White House announced additional steps to reduce methane emissions from oil and gas operations as part of a broader strategy. They included reg...

FWS lists lesser prairie chicken as threatened species

03/28/2014 The US Fish and Wildlife Service listed the lesser prairie chicken as a threatened species. While the Mar. 27 final rule fell short of the endanger...

TransAtlantic to acquire concessions in Poland

03/28/2014 TransAtlantic Worldwide Ltd., a wholly owned subsidiary of TransAtlantic Petroleum Ltd., has signed a nonbinding term sheet with San Leon Energy PL...

MARKET WATCH: Crude oil futures sustain $100/bbl price level

03/28/2014 Crude oil futures prices on the New York Mercantile Exchange sustained levels above $100/bbl during trading on Mar. 27 after breaching that thresho...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected