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Vanguard Natural Resources, Inc. (VNRR) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Vanguard Natural Resources, Inc.

CIK: 1384072 Ticker: VNRR


Exhibit 99.1


NEWS RELEASE

Vanguard Natural Resources, Inc. Reports Second Quarter 2018 Results, Asset Divestiture Updates, and Updated 2018 Guidance
 
HOUSTON - August 13, 2018
- (PR NEWSWIRE) - Vanguard Natural Resources, Inc. (OTCQX: VNRR) (“Vanguard,” “VNRR,” or the “Company”) today reported financial results for the quarter ended June 30, 2018, and other operational results.

Key Highlights

Closed previously announced divestments of certain properties in the Permian Basin, Green River Basin, and Mississippi for an aggregate selling price of approximately $59.9 million, subject to customary post-closing adjustments in the second quarter of 2018
Closed three additional divestitures subsequent to June 30, 2018 for aggregate gross proceeds of $28.4 million, including its Potato Hills assets in Oklahoma which closed for gross proceeds of $22.9 million and interests in over 145 wells in multiple counties in Texas and Louisiana for gross proceeds of $5.5 million
Amended the Company’s revolving credit facility to provide additional flexibility and successfully completed its first borrowing base redetermination since emerging from restructuring in 2017
Reported production volumes of 363 million cubic feet equivalent (MMcfe) per day, near the mid-point of second quarter guidance
Lease operating expenses were $36.8 million, at the mid-point of second quarter guidance
Selling, general and administrative expenses (excluding non-cash compensation and severance) were 12% lower than first quarter 2018
Participated in two new Arkoma Woodford horizontal wells that had an average 30 day IP of 8.8 MMcf per day per well
Updated third quarter and full-year 2018 operational and financial guidance for the year, with an updated 2018 capital budget of approximately $130.0 million to $140.0 million
Remain significantly hedged for the balance of 2018 and through 2020 with the balance of 2018 production hedged 76%, 90% and 43% for natural gas, oil and NGLs, respectively, at the mid-point of announced guidance
Added Rockies basis hedges for the periods of August 2018 to October 2018 and November 2018 to March 2019 for approximately 60% and 40% of our Rockies natural gas production, respectively
Added Midland-Cushing basis hedges for 2019 for a portion of our Permian production

Mr. R. Scott Sloan, President and CEO, commented, “This year has been about transitioning Vanguard from an upstream MLP to a successful exploration and production company focused on organic growth. The key first step in that journey is divesting non-core assets, and I am pleased with our continuing progress in this area. The end result will be a more focused portfolio and a strengthened balance sheet. Additionally, we continue to make operational and organizational changes to align the Company with this strategy and to set the Company up for future success.”









1

The following information was filed by Vanguard Natural Resources, Inc. (VNRR) on Monday, August 13, 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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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statement Of Stockholders' Equity (Successor) (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Asset Retirement Obligations
Asset Retirement Obligations (Details)
Asset Retirement Obligations (Tables)
Commitments And Contingencies
Commitments And Contingencies (Lease Commitments) (Details)
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies (Transportation Demand Charges) (Details)
Debt
Debt (Financing Arrangements) (Details)
Debt (Letters Of Credit And Lease Financing Obligations Narrative) (Details)
Debt (Maturities Of Debt) (Details)
Debt (Schedule Of Redemption Prices) (Details)
Debt (Senior Notes Due 2024 Narrative) (Details)
Debt (Successor Credit Facility Narrative) (Details)
Debt (Tables)
Description Of The Business
Description Of The Business (Details)
Divestitures And Exchange Of Properties
Divestitures And Exchange Of Properties Divestitures And Exchange Of Properties (Details)
Divestitures And Exchange Of Properties Divestitures And Exchange Of Properties (Held For Sale) (Details)
Divestitures And Exchange Of Properties Divestitures And Exchange Of Properties (Tables)
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 (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
Fresh-Start Accounting
Fresh-Start Accounting (Adjustments To Oil And Natural Gas Properties) (Details)
Fresh-Start Accounting (Change In Cash And Cash Equivalents) (Details)
Fresh-Start Accounting (Change In Other Accrued Expenses) (Details)
Fresh-Start Accounting (Change In Other Property And Equipment) (Details)
Fresh-Start Accounting (Change In Predecessor Common Units) (Details)
Fresh-Start Accounting (Change In Restricted Cash) (Details)
Fresh-Start Accounting (Change In Successor Equity) (Details)
Fresh-Start Accounting (Condensed Consolidated Balance Sheet) (Details)
Fresh-Start Accounting (Debt Reconciliation) (Details)
Fresh-Start Accounting (Enterprise Value Reconciliation To Common Stock) (Details)
Fresh-Start Accounting (Narrative) (Details)
Fresh-Start Accounting (Net Reorganization Items) (Details)
Fresh-Start Accounting (Reconciliation Of Enterprise Value To Reorganization Value) (Details)
Fresh-Start Accounting (Settlement Of Liabilities Subject To Compromise) (Details)
Fresh-Start Accounting (Tables)
Impact Of Asc 606 Adoption
Impact Of Asc 606 Adoption (Details)
Impact Of Asc 606 Adoption (Tables)
Income Taxes
Price Risk Management Activities
Price Risk Management Activities (Balance Sheet Presentation) (Details)
Price Risk Management Activities (Change In Fair Value Of Derivatives) (Details)
Price Risk Management Activities (Commodity Derivatives) (Details)
Price Risk Management Activities (Narrative) (Details)
Price Risk Management Activities (Tables)
Share-Based Compensation
Share-Based Compensation (Mip Restricted Stock) (Details)
Share-Based Compensation (Monte Carlo Simulation Assumptions) (Details)
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Tables)
Stockholders' Equity
Stockholders' Equity (Cancellation Of Units And Issuance Of Common Stock) (Details)
Stockholders' Equity (Earning Per Share/Unit) (Details)
Stockholders' Equity (Management Incentive Plan) (Details)
Stockholders' Equity (Warrant Agreement) (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Cash, Cash Equivalents, And Restricted Cash) (Details)
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Oil And Natural Gas Properties) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)

Material Contracts, Statements, Certifications & more

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

Ticker: VNRR
CIK: 1384072
Form Type: 10-Q Quarterly Report
Accession Number: 0001384072-18-000071
Submitted to the SEC: Fri Nov 09 2018 4:29:20 PM EST
Accepted by the SEC: Fri Nov 09 2018
Period: Sunday, September 30, 2018
Industry: Crude Petroleum And Natural Gas

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