Vanguard Natural Resources, LLC reported net income of $21.7 million, or $1.15 per basic unit, in the first quarter of 2010. The company reported a loss of $50.0 million, or $3.98 per basic unit, in the same quarter of 2009.
Vanguard Natural Resources, LLC reported average production of 26.06 million cubic feet equivalent per day in the first quarter of 2010, an increase of 46% from the average of 17.82 million cubic feet equivalent per day in the first quarter of 2009.
The company said that increase in production on a year over year basis was due mainly to an acquisition completed at the end of 2009.
Vanguard Natural Resources, LLC is continuing to add to its portfolio of assets through acquisitions, and recently announced the purchase of producing properties in Texas, Mississippi, and New Mexico. The company is paying $113.1 million for 4.7 million barrels of proved reserves and 850 barrels per day of production.
Vanguard Natural Resources, LLC said that 96% of the reserves are oil, with the balance natural gas and natural gas liquids. The company expects the acquisition to close by the end of May.
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