Business Summary
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Vanguard Natural Resources, LLC (Vanguard) is focused on the acquisition, development and exploitation of mature, long-lived 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. As of December 31, 2008, Vanguard owned working interests in 1,444 gross (958 net) productive wells and its average net production was 16,206 thousand cubic feet of natural gas equivalents (Mcfe) per day. The Company’s estimated proved reserves were 108.5 billion cubic feet equivalents (Bcfe), of which approximately 75% were natural gas and 75% were classified as proved developed. The Company also have a 40% working interest in approximately 109,500 gross undeveloped acres surrounding or adjacent to its existing wells located in southeast Kentucky and northeast Tennessee.
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