Vanguard to pay down reserve-based credit facility via asset sale

By Tali Rackner

Norfolk, Va., March 30 – Vanguard Natural Resources, LLC plans to reduce borrowings under its reserve-based credit facility with the proceeds from the sale of its natural gas, oil and natural gas liquids assets in the Scoop/Stack area in Oklahoma, according to a Wednesday press release.

The company is selling the assets to entities managed by Titanium Exploration Partners, LLC for $280 million.

The effective date of the sale is Jan. 1, and Vanguard anticipates closing on or before May 18.

Vanguard is a Houston-based oil and gas exploration and development company.

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