Vanguard Natural Resources seeks OK of $13.87 million asset sale

By Caroline Salls

Pittsburgh, June 2 – Vanguard Natural Resources, LLC requested court approval of the proposed $13.87 million sale of some of the assets of the Vanguard Operating, LLC debtor to Diamondback E&P LLC, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

The assets being sold include five leases located in Andrews County, Texas, 16 wells related to those leases and assumed contracts.

Vanguard said the assets no longer fit into its business plan.

The company also invited any parties interested in making a higher and better offer for the assets to do so before the sale hearing.

A hearing is scheduled for July 12.

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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