Business Summary
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Vanguard Natural Resources, LLC (Vanguard) is focused on the acquisition and development of natural gas and oil properties in the United States. The Company’s properties are located in the southern portion of the Appalachian Basin, primarily in southeast Kentucky and northeast Tennessee, the Permian Basin, primarily in west Texas and southeastern New Mexico, and in south Texas. Vanguard’s proved undeveloped reserves as of December 31, 2009, were 46 billion cubic feet equivalents (Bcfe), consisting of 1.6 million barrels of oil, 29 million cubic feet (MMcf) of natural gas and 1.2 million barrels of natural gas liquids. During the year ended December 31, 2009, there were 18 locations with 3.9 Bcfe of proved undeveloped reserves in South Texas. In August 2009, it acquired production and undeveloped acreage in the Sun TSH field in La Salle County.
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