Vanguard closes $329M gas properties purchase
Vanguard Natural Resources closes purchase of gas properties for $328.8 million
HOUSTON (AP) -- Vanguard Natural Resources LLC said Thursday that it closed the purchase of natural gas and liquids properties from Bill Barrett Corp. for $328.8 million on Dec. 31.
Vanguard said the acquisitions would immediately add to cash flow. They hold proved reserves equal to about 300 billion cubic feet of gas and current production of about 65 million cubic feet per day from 2,822 wells.
The Houston company paid for the deal by borrowing from a $1.2 billion credit facility, which has about $500 million left in it.
