Reuters: Mergers News: UPDATE 1-Vanguard Natural to buy natgas assets for $445 mln

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UPDATE 1-Vanguard Natural to buy natgas assets for $445 mln Jun 4th 2012, 11:40 Mon Jun 4, 2012 7:40am EDT June 4 (Reuters) - U.S. oil and gas producer Vanguard Natural Resources LLC said it would buy natural gas assets for $445 million from Antero Resources Corp to add to its properties in the Arkoma Basin in Arkansas and Oklahoma. The company said the deal, which it expects to close by June 29, will immediately add to its distributable cash flow. Vanguard said this was "a great time" to purchase natural gas assets. A glut has sent U.S. natural gas prices plummeting down to their lowest in a decade. Vanguard said it was buying about 66,000 net acres in the Woodford Shale play and 5,300 net acres in the Fayetteville Shale play. The assets have net production of about 76 million cubic feet of natural gas equivalent per day (mmcfe/d). About 12 percent of Vanguard sales came from natural gas for the three months ended March 31.

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