NEWS RELEASE   
  
Exhibit 99.1
 
Vanguard Natural Resources Reports Record Adjusted EBITDA, Production and Proved Reserves for 2011
 
 
HOUSTON—March 1, 2012
--Vanguard Natural Resources, LLC (NYSE: VNR) ("Vanguard" or "the Company") today reported financial and operational results for the full year and fourth quarter ended December 31, 2011.
 
Mr. Scott W. Smith, President and CEO, commented, “Vanguard achieved excellent results in 2011 as we set new records in terms of production, Adjusted EBITDA and reserves. The most meaningful event during the year was the completion of the merger with Encore Energy Partners, LP (“ENP or “Encore”) that was finalized on December 1, 2011. This merger completed the long but very rewarding process that began in 2010 and which has subsequently transformed Vanguard from one of the smaller, gas focused upstream MLP’s to a much larger company with a liquids platform from which to build upon in 2012. In addition to completing the Encore merger, we completed over $200 million of liquids focused accretive acquisitions at a weighted average price of $14.27 per barrel. Our acquisition efforts allowed us to continue to be one of the leading upstream MLP’s in terms of distribution growth with a 4.9% increase over our 2010 levels.  In 2012, we are looking forward to continuing to build upon the success we achieved in 2011 and are excited about the opportunities we see to deliver superior results on behalf of our unitholders.
 
Selected Financial Information

A summary of selected financial information follows. For consolidated financial statements, please see accompanying tables.
 
   
Three Months
Ended
   
Year Ended
December 31,
 
   
December 31, 2011
   
September 30, 2011
   
2011
   
2010
 
   
($ in thousands)
 
Production (Boe/d)
    13,686       13,371       13,405       4,721  
Oil, natural gas and natural gas liquids sales
  $ 86,003     $ 74,429     $ 312,842     $ 85,357  
Realized gain on other commodity derivative contracts
  $ 5,038     $ 1,267     $ 7,205     $ 21,942  
Unrealized gain (loss) on other commodity derivative contracts
  $ (69,095 )   $ 109,639.     $ (470 )   $ (14,145 )
Operating expenses
  $ 27,286     $ 23,086     $ 92,565     $ 25,311  
Selling, general and administrative expenses
  $ 3,342     $ 5,330     $ 19,779     $ 10,134  
Depreciation, depletion, amortization, and accretion
  $ 22,060     $ 21,419     $ 84,857     $ 22,231  
Net Income attributable to Vanguard unitholders
  $ (15,208 )   $ 75,884     $ 62,063     $ 21,885  
Adjusted Net Income attributable to Vanguard unitholders (1)
  $ 27,560     $ 14,101     $ 73,877     $ 45,821  
Adjusted Net Income per unit attributable to Vanguard unitholders (1)
  $ 0.76     $ 0.47     $ 2.32     $ 2.09  
Adjusted EBITDA attributable to Vanguard unitholders (1)
  $ 53,498     $ 37,028     $ 164,603     $ 80,396  
Interest expense
  $ 8,562     $ 8,173     $ 31,868     $ 7,565  
Drilling, capital workover and  recompletion expenditures
  $ 10,367     $ 15,000     $ 34,096     $ 15,291  
Distributable Cash Flow (1)
  $ 37,083     $ 19,029     $ 110,082     $ 57,540  
 
(1)  
Non-GAAP financial measures. Please see Adjusted Net Income, Adjusted EBITDA and Distributable Cash Flow tables at the end of this press release for a reconciliation of these measures to their nearest comparable GAAP measure.
 
 
 

The following information was filed by Vanguard Natural Resources, Llc (VNR) on Thursday, March 1, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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