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

Vanguard Natural Resources, Inc.

CIK: 1384072 Ticker: VNRR


Exhibit 99.1


NEWS RELEASE

Vanguard Natural Resources, Inc. Reports Third Quarter 2017 Results
 
HOUSTON - November 9, 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.”



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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

Document And Entity Information
Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) (parenthetical)
Consolidated Statements Of Cash Flows (unaudited)
Consolidated Statements Of Members' Deficit (unaudited)
Consolidated Statements Of Operations (parenthetical)
Consolidated Statements Of Operations (unaudited)
Asset Retirement Obligations
Asset Retirement Obligations (details)
Asset Retirement Obligations (tables)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Transportation Demand Charges (details)
Debt
Debt (acceleration Of Debt Obligations) (details)
Debt (amount Of Required Payments Under The Term Loan) (details)
Debt (details)
Debt (financing Arrangements) (details)
Debt (tables)
Description Of The Business
Description Of The Business (details)
Emergence From Voluntary Reorganization Under Chapter 11 Of The Bankruptcy Code
Emergence From Voluntary Reorganization Under Chapter 11 Of The Bankruptcy Code (details)
Fair Value Measurements
Fair Value Measurements (details)
Fair Value Measurements (tables)
Fair Value Measurements - Unobservable Inputs Reconciliation (details)
Fresh-start Accounting (details)
Fresh-start Accounting (notes)
Fresh-start Accounting (tables)
Fresh-start Accounting - Adjustments To Oil And Natural Gas Properties (details)
Fresh-start Accounting - Balance Sheet (details)
Fresh-start Accounting - Change In Cash And Cash Equivalents (details)
Fresh-start Accounting - Change In Equity (details)
Fresh-start Accounting - Change In Members Deficit (details)
Fresh-start Accounting - Change In Restricted Cash (details)
Fresh-start Accounting - Debt Reconciliation (details)
Fresh-start Accounting - Enterprise Value Reconciliation To Common Stock (details)
Fresh-start Accounting - Enterprise Value Reconciliation To Reorganization Value (details)
Fresh-start Accounting - Net Increase In Other Accrued Expenses (details)
Fresh-start Accounting - Other Property And Equipment (details)
Fresh-start Accounting - Reorganization Items (details)
Fresh-start Accounting - Settlement Of Liabilities Subject To Compromise (details)
Impact Of Asc 606 Adoption
Impact Of Asc 606 Adoption (details)
Impact Of Asc 606 Adoption (tables)
Income Taxes - Narrative (details)
Income Taxes Income Taxes
Price And Interest Rate Risk Management Activities
Price And Interest Rate Risk Management Activities (details)
Price And Interest Rate Risk Management Activities (tables)
Price And Interest Rate Risk Management Activities - Balance Sheet Presentation (details)
Price And Interest Rate Risk Management Activities - Change In Fair Value Of Derivatives (details)
Shelf Registration Statements
Stockholders' Equity (members' Deficit)
Stockholders' Equity (members' Deficit) - Cancellation Of Units And Issuance Of Common Stock (details)
Stockholders' Equity (members' Deficit) - Earning Per Share/unit (details)
Stockholders' Equity (members' Deficit) - Management Incentive Plan (details)
Stockholders' Equity (members' Deficit) - Warrant Agreement (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (oil And Gas Properties) (details)
Summary Of Significant Accounting Policies (policies)
Unit-based Compensation
Unit-based Compensation (details)
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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