Vanguard Natural Resources to draw on credit facility to buy $55 million of Permian Basin assets

By Sara Rosenberg

New York, Nov. 30 - Vanguard Natural Resources LLC plans to use borrowings under its existing reserve-based credit facility to fund the acquisition of producing oil and gas assets in the Permian Basin for $55 million from a private seller, according to a news release.

In addition, the company has requested that the banks perform an interim borrowing base redetermination to include the properties from this acquisition and anticipates an increase from the current base of $170 million.

Closing on the acquisition is expected to occur in December, but the effective date is Oct. 1.

Vanguard is a Houston-based company focused on the acquisition, production and development of natural gas and oil properties.

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