Vanguard Natural Resources, Inc. (VNRR) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
Vanguard Natural Resources, Inc.
Ticker: VNRR CIK: 1384072

Exhibit 99.1

NEWS RELEASE

Vanguard Natural Resources, Inc. Reports First Quarter 2018 Results, Asset Divestiture Updates, and Updated 2018 Guidance

HOUSTON - May 9, 2018 - (PR NEWSWIRE) - Vanguard Natural Resources, Inc. (OTCQX: VNRR) (“Vanguard,” “VNRR,” or the “Company”) today reported financial results for the quarter ended March 31, 2018, and other operational results.

Key Highlights


•	Executed four purchase and sales agreements for more than $60.0 million in aggregate gross proceeds


•	Reported production volumes of 368 million cubic feet equivalent (MMcfe) per day, at the high-end of first quarter guidance


•	Participated in drilling and completion of two new Pinedale horizontal wells with four more horizontal wells being drilled at quarter end


•	Lease operating expenses were $31.0 million, below first quarter guidance


•	Updated second quarter and full-year 2018 operational and financial guidance for the year, with an updated 2018 capital budget of approximately $140.0 million to $145.0 million


•	Lower end of full year production guidance increased despite incorporating the impact of the recently announced divestments and reduced capital budget


•	Remain significantly hedged for the balance of 2018 and through 2020 with the balance of 2018 production hedged 71%, 85% and 43% for natural gas, oil and NGLs, respectively, at the mid-point of announced guidance

Mr. R. Scott Sloan, President and CEO, commented, “We have taken several steps forward in achieving our long-term strategy to realign the portfolio, lower debt and maintain liquidity. We signed multiple purchase and sales agreements for proceeds of over $60.0 million, and we are continuing to evaluate non-core assets for accretive divestments. These assets are not core to our growth strategy, and we will be able to use these proceeds to decrease our leverage and improve our financial positioning. I’m pleased with the strategic changes we’re making to turn Vanguard into a competitive E&P company focused on organic growth and financial discipline. We continue to actively pursue ways to optimize the portfolio and achieving these recent milestones is an affirmation that we’re headed down the road for future success.”

“I’m also excited to see our volumes in the Pinedale field start to ramp up. An operator of our Pinedale position is turning what was once a conventional vertical play into an unconventional horizontal gas play with very attractive economics. I’m also extremely proud of the success our team achieved during the quarter on our operated assets. They continue to execute our business plan by operating efficiently and effectively,” concluded Mr. Sloan.

The following information was filed by Vanguard Natural Resources, Inc. (VNRR) on Thursday, May 10, 2018 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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