Vanguard Natural Resources, Inc. (VNRR) 10-Q Quarterly Report November 2017

- (PR NEWSWIRE) - Vanguard Natural Resources, Inc. (OTCQX: VNRR) (“Vanguard,” “VNRR,” or “the Company”) today reported financial and operational results for the quarter ended September 30, 2017.

Key Highlights


•	Completed successful financial restructuring on August 1, 2017.


•	Eliminated approximately $820 million in debt.


•	Enhanced liquidity position of $137 million at September 30, 2017.


•	Mitigated commodity price volatility through 2020.


•	Implemented fresh-start accounting and transitioned from an upstream E&P Master Limited Partnership (“MLP’) to a C-corp structure.


•	Engaged Jefferies LLC (“Jefferies”) to advise on strategic alternatives. Areas of focus include reducing financial leverage, expanding access to capital, focusing the asset base and funding growth opportunities.


•	Launched divestment programs for non-core assets in the Williston basin, the Wind River basin and the Alabama and Mississippi areas.


•	Improved lease operating expense and net income performance compared to one year ago.


•	Positioned to capitalize on high-return, undeveloped investments, with the substantial cash flow from the Company’s shallow-decline proved developed reserves.


•	Began trading on the OTCQX under the ticker symbol “VNRR.”


•	Supplemental emergence presentation will be posted to the Company’s website.

Mr. Scott W. Smith, President and CEO, commented, “With the successful conclusion of the restructuring on August 1, 2017, Vanguard is poised to move forward and accelerate the development of our multi-year, high-return, low-cost inventory. The Company has exciting investment opportunities, particularly in the Pinedale, Arkoma Woodford and Piceance areas. We also have a strong set of shallow-decline, proved developed reserves which generate the cash flow required to fund our organic growth. This bright future is possible because of the dedicated efforts of the Vanguard team, who worked tirelessly throughout the restructuring process.”

Mr. Scott Sloan, EVP and CFO, added “Following the restructuring, Vanguard is much better positioned financially. Debt and interest expense levels are materially down, and activity and capital spend are anticipated to ramp up into next year as the Company begins to develop its high-quality investment options. Additionally, the Company implemented fresh-start accounting during this past quarter making certain items not comparable to prior periods.”

The following information was filed by Vanguard Natural Resources, Inc. (VNRR) on Thursday, November 9, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Vanguard Natural Resources, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.13: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: VNRR
CIK: 1384072
Form Type: 10-Q Quarterly Report
Accession Number: 0001384072-17-000152
Submitted to the SEC: Thu Nov 09 2017 5:33:17 PM EST
Accepted by the SEC: Mon Nov 13 2017
Period: Saturday, September 30, 2017
Industry: Crude Petroleum And Natural Gas

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Vanguard Natural Resources, Inc. (VNRR) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 30, 2017

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