Vanguard Natural Resources $105 million asset sale approved by court

By Caroline Salls

Pittsburgh, May 22 – Vanguard Natural Resources, LLC received court approval of the $105 million sale of its assets to Oxy USA Inc., according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

Vanguard said Oxy’s bid includes $2.85 million in bid protections, meaning $102.15 million would be payable to the company’s estates.

XTO Energy Inc. is the back-up bidder with a $101.22 million offer.

Minus the bid protections, the Vanguard estates would receive $98.37 million under the XTO purchase agreement.

Vanguard is a Houston-based oil and gas exploration and development company. The company filed for bankruptcy on Feb. 1 under Chapter 11 case number 17-30560.

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