Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message| ()  

Executives

Lisa Godfrey – Director, Investor Relations

Scott Smith - President, CEO

Richard Robert - CFO, EVP, Secretary

Analysts

Praneeth Satish - Wells Fargo

Mike Schmitz - Ladenburg Thalmann

John Ragozzino - RBC Capital Markets

Abhi Sinha - Wunderlich Securities

Kevin Smith - Raymond James

Michael Peterson - MLV & Company

Michael Gaiden - Robert W. Baird

Adam Leight - RBC Capital Markets

Vanguard Natural Resources, LLC (VNR) Agreement to Acquire Properties in Wyoming & Company Strategy to add Growth Capital Component to Capital Expenditure Program Conference Call January 2, 2014 11:00 AM ET

Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Vanguard Natural Resources Conference Call with Analysts.

During today's presentation all participants will be in a listen-only mode. Following the presentation the conference will be opened for questions. (Operator Instructions) This call is being recorded today, January 2, 2014.

I would now like to turn the conference over to Lisa Godfrey. Please go ahead, ma'am.

Lisa Godfrey

Good morning, everyone and welcome to the Vanguard Natural Resources, LLC's Pinedale-Jonah acquisition overview conference call. We appreciate you joining us today. Before I introduce Scott Smith, our President and Chief Executive Officer, I have some information to provide to you.

If you would like to listen to a replay of today’s call, it will be available through February 1, 2014 and may be accessed by calling 303-590-3030 and using the pass code 4659069#.

For more information, or if you would like to be on our email distribution list to receive future news releases, please contact me at 832-327-2234 or via email at lgodfrey@vnrllc.com. This information was also provided in Monday’s press release.

Please note the information reported on this call speaks only as of today, January 2, 2014 and therefore you are advised that time-sensitive information may no longer be accurate as of the time of any replay.

Before we get started, please note that some of the comments today could be considered forward-looking statements and are based on certain assumptions and expectations of management. For a detailed list of all the risk factors associated with our business, please refer to our 10-Q that was filed on October 31, 2013 and is available on our website under the Investor Relations tab and on EDGAR.

Please note that Vanguard management team wants to provide our analyst and investment communities the details of this transaction as expeditiously as possible. And therefore, they are calling in remotely from different location. So we may experience a slight pause after questions are posed during the Q&A portion of our call.

Now, I would like to turn the call over to Scott Smith, President and Chief Executive Officer of Vanguard Natural Resources, LLC.

Scott Smith

Thank you, Lisa, and welcome everyone, and thanks for joining us this morning as we discuss the details of our recently announced acquisition of natural gas and oil properties in the Pinedale and Jonah fields located in Southwestern Wyoming, as well as the company's strategy to add a growth capital component to Vanguard's future capital spending program.

I'll start with an overview of the properties and Richard will then proceed with some financial details on the properties, make some comments about our strategy shift and then we'll open the line up for Q&A.

First, we are quite pleased to announce the deal of this size to end 2013 as these assets will be an excellent addition to our portfolio and represent a great start to our 2014 acquisition program. At closing, our reserves will increase approximately 80% and our daily production will increase approximately 55%.

Based on our internal estimates, inclusive of this transaction, we estimate that the PUD component of our total reserves will increase from approximately 26% to 39%. As we have said in the past, we feel our PUD inventory is our insurance policy that allows us to feel confident that we can sustain our distribution even in difficult times. The new PUD inventory provided by this acquisition certainly fits the profile we looked for being low risk, relatively consistent results and adequate returns.

Based on our current estimates with the addition of this acquisition we are forecasting approximately $90 million will be added to our 2014 capital budget. Of the total $90 million, we expect approximately $40 million is necessary to maintain existing cash flow and the remaining $50 million would be considered the growth component of our capital program.

We've calculated the growth CapEx component considering the existing drilling program, the current operators Ultra and QEP have in place for 2014, which consist of each operator drilling eight wells each month in 2014 for a total of 16 gross wells per month, which Vanguard will have participation. The expected drilling costs are assumed to be between $3.8 million and $4.2 million per well with our gross -- with our working interest averaging approximately 11%.

Economics of the Pinedale drilling are very attractive, assuming the previously mentioned well cost at a $4 NYMEX price we are anticipating rates of return between 30% and 60% depending on the ultimate total recovery from each well which are typically between 4 and 6 Bcfe.

These are the higher level of drilling activity led by QEP and Ultra. There will be a lot of new wells online that have higher decline rates. Thus the total PDB decline rate for these properties is expected to be approximately 20% in 2014.

Now, I'll turn the call over to Richard for his part of the presentation.

Richard Robert

Thanks Scott. This acquisition definitely marks another milestone for Vanguard as we've been carefully weighing, considering adding a growth CapEx component to our capital expenditure program for quite some time now. And this deal, it simply made sense to add the growth capital component to our strategy as it had the characteristics that made sense to do it within the MLP, specifically the three characteristics which convinced us to deal within the MLP.

These three characteristics included; first, very low risk, statistical drilling in proven geology; second, partnering with best-in-class operators who have proven they can be successful in the area, and third and probably the most important of the characteristics is the long-term sustainability of the capital program.

We often make a point to talk about our strategy of trying to manage our business as best we can to avoid cash flow cliffs in the near and medium term. As this growth capital program is expected to continue for many, many years, we expect the cash flow associated with the growth capital to be fairly consistent each month of every year assuming that the rig activity doesn't vary significantly.

Clearly, gas prices may have an impact on the rig activity over the years and we will have to assess our willingness to continue to commit growth capital as gas prices change. Rig activity changes, our hedging program changes and our company changes. As Scott mentioned, we are currently anticipating an eight-rig program in 2014 in which we will be participating in 16 gross wells per month which we are very comfortable participating in.

This strategy shift allowed us to be competitive in the biding process for this acquisition, but we believe that we remain conservative in our evaluation process. Looking at the acquisition metrics we will let you judge for yourself.

Based on our internal estimates, some of the acquisition metrics included, we paid approximately $0.69 per Mcfe for proven reserves. We paid approximately $5,000 for flowing Mcfe. We paid less than 5x expected 2014 cash flow. And finally the reserve life is in excess of 20 years. We believe these metrics suggest that this will be a very good deal for Vanguard unitholders today and for many years to come.

For this acquisition, like all other acquisitions we have closed, we will hedge somewhere between 70% and 90% of expected production for the next three to five years. We have already made good progress in hedging some of the production, but due to the limited liquidity in the market at this time of year and significant volumes we are trying to hedge, our strategy is to layer in hedges over a couple of weeks.

For the natural gas, we will hedge to the NYMEX price and also the basis using fixed price swaps. On the oil side, we will also use fixed price swaps, but also sell puts where we think it makes sense and increase the swap price we can receive. All of these transactions will be costless and no different than the strategies we had used in the past. We do not intend to hedge the NGL component at current prices. We will continue to monitor NGL prices and layer in new hedges when we think it is opportunistic to do so.

Let me turn to our financing strategy. Initially, the acquisition will be funded via borrowings under our current revolving credit facility. However, we will continue to have ample liquidity under our revolver even after funding this acquisition. After consideration of the additional borrowing capacity provided by this acquisition, I anticipate that we will have over $500 million in availability after this transaction is funded. However, we did model this transaction as we do all of our acquisitions with a permanent financing goal of 50% equity and 50% long-term debt.

Some of you may now think that we intend to issue the additional common units via secondary offering. That is currently not the case. We recently filed a new prospectus for our aftermarket program or ATM program for short, which allows us to systematically sell units into the market which is a much more cost effective means for the company to raise equity capital and doesn't have the same disruptive impact [inaudible].

The downside is that it does take time to raise a meaningful amount of money, and we will need to be patient and willing to live with slightly higher leverage than our three time debt to EBITDA goal for a period of time. That being said, if there are any institutions listening to this call that desire to buy large block of units under our ATM, please feel free to give me a call.

Let me conclude by providing a number of statistics aimed at answering the numerous questions we had received since announcing the acquisition, some of which have already been answered in Scott and my comments, but I will reiterate. Also, we've told many of these answers come directly from an Ultra Petroleum Investor Presentation made last month and the presentation slides can be found on their website.

Finding and development costs are approximately $1 per Mcfe. Expected ultimate recoveries are generally in the 46 Bcf per well. A typical well, 24-hour initial production rate is approximately 7,500 Mcfe per day. All wells are drilled vertically to depths of 10,500 feet to 13,300 feet in depth, have approximately 16 frac stages, take 10 to 12 days to drill at a complete cost of between $3.8 million to $4.2 million. Daily rig rates are in the $26,000 range. Our capital spending is expected to run approximately $90 million of which $40 million or 45% is considered maintenance and the remaining $50 million or 55% is considered growth.

2014 LOE is expected to run at approximately $0.41 per Mcfe, which excludes gathering and transportation cost. Gathering and transportation costs are expected to run at approximately $0.80 per Mcfe.

With respect to gathering and marketing, gasses gathered pursuant to agreements with Western Gas Resources and Enterprise facilitating the movement of gas to Western Gas's Grainger Gas processing plant or the Enterprise Pioneer gas plant. All processing is done at the Western Gas Grainger plant and spill-over gas can be processed at the Enterprise Pioneer gas plant.

Once processed, the gas has market flexibility as it could be marketed into the Colorado Interstate Gas, Northwest Pipeline, Kern River, Questar Overthrust Pipeline and mountain gas transmission. Ideally we will make -- we will market into the highest price market, which as of now is North-Western Pipeline and Colorado Interstate.

We are fortunate that we have multiple gas export outlets to ensure continuous flow. Natural gas liquids will be sold via a marketing arrangement with Anadarko Energy Services who not only has cultivated local markets but holds firm transportation with MAPCO NGL pipeline and MAPCO delivers NGLs to the Mont Belvieu complex.

Basis differentials for natural gas are running at approximately negative $0.23 for 2014 and an increased each subsequent year to a high of about negative $0.40 in 2016. The oil differential to NYMEX is running approximately negative $6.50. For NGLs we assumed a flat price of $28 a barrel in our model, which is a little less than they have been receiving and we hope that it will prove conservative, especially for future years.

We were asked about the GPM of gases, the NGL yields used in our evaluation is 32 barrels per [1000] [ph] Mcf. The production tax rate is expected to be approximately 6% and the ad valorem tax rate was also modelled at approximately 6%.

Royalties averaged approximately 20%. We were asked questions about whether -- did it have an impact on fourth quarter production in the area, in the Wyoming area, i.e. this acquisition, and the operators are used to working in the South-Western Wyoming weather conditions, the equipment they used to design and construct for the expeditions, we are not presently aware of any weather related situations have caused a significant delay or disruption of activity in the acquisition area. Major operators outside of Ultra and QEP in the area include the [inaudible] shale and also other major operators in the Sublette County include Linn Energy and Encana.

We hope this information is helpful and we would be happy to answer any additional questions at this time.

Question-and-Answer Session

Operator

Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) Our first question is from John Ragozzino with RBC Capital Markets. Please go ahead. Please go ahead, sir.

All right. Our next question is from Praneeth Satish with Wells Fargo. Please go ahead.

Praneeth Satish - Wells Fargo

Thanks and good morning. Thanks for all that information, very useful. Just a couple of quick questions for me. I guess, first, do you have any guidance or a sense in terms of how much production growth you could see over the next few years tied to the acquired properties?

Scott Smith

Richard, do you want to take that?

Richard Robert

Sure, sure. I could tell you that we do anticipate fairly nice production growth over the years. Let's see, I'm turning to our modelling, I think our 2014 estimate was an increase of about 15%, increasing to about 17% or 18% in the following year and then flattening out from there going forward.

Praneeth Satish - Wells Fargo

Okay. Great. And can you just remind us what your pro forma decline rate is now following this acquisition?

Richard Robert

Well, that's something that we plan on continuing to evaluate as we finalize our capital spending plan for 2014 and beyond. I think we'll address that in our fourth quarter call where we talk about our guidance for the rest of year.

Praneeth Satish - Wells Fargo

Okay. And does the increase in drilling, does that make you reconsider at all the possibility of developing a LinnCo like structure as another way to tap the capital markets?

Richard Robert

No. I mean, that's certainly something we'll consider. We are instituting a growth capital program on our existing assets. I'll point out we don't need to. We already have those assets. We don't feel a need to accelerate that program. We'll continue to do -- we'll consider growth capital programs on other acquisitions that have good PDP and have a component of drilling as well. And just the characteristics of that PUD development will determine if we will deal within the MLP or if we would continue to consider a drillCo type situation.

Praneeth Satish - Wells Fargo

Great. Thank you.

Operator

Thank you. And our next question is from Mike Schmitz with Ladenburg Thalmann. Please go ahead.

Mike Schmitz - Ladenburg Thalmann

One, does the acquisition change your current plans on your existing properties? And then two as a follow-up, does this take some time to digest the sort of -- to go quiet on acquisitions for a while and you continue to actually look for acquisitions, thanks.

Scott Smith

As I mentioned, no. Our existing inventory we anticipate just doing a maintenance capital type program. We don't anticipate accelerating our program on our existing assets and as far as our acquisition program, it is always active. We are always looking at a number of opportunities.

As I said, we have ample liquidity. Capital markets are in good shape. So should we need to raise additional capital, I think it's going to be there. So no, we will not -- we will not slow down. You know, the good part about this transaction frankly is, it is a non-operating property and so it doesn't put a lot of strain on our infrastructure frankly. Integrations are easy and we are poised and ready to do another transaction should it present itself.

Mike Schmitz - Ladenburg Thalmann

Great, just one follow-up. On the first question, given that you are growing the new volumes by 15%, do you see a scenario where you actually allow your base production decline where you are still growing production but -- or do you think base production is flat and it [moved up 14%] [ph] on top of that?

Scott Smith

No, we think this is 15% on top of that. We have a hard enough time getting our engineers just to do a maintenance program let alone growth. So no, I anticipate this is just going to be incremental. We have -- we still have a lot of good opportunities in our existing portfolio. So as I said, we have to get our engineers just to agree on our maintenance concept because we do have so many good opportunities.

Mike Schmitz - Ladenburg Thalmann

Great. Thank you. Just one last follow-up. On the 5200 locations, which aren’t booked has proving currently, are the economics similar on those or do those require a higher natural gas price?

Scott Smith

No, those are very similar economics. That's what's really nice about this geology. It's very consistent.

Mike Schmitz - Ladenburg Thalmann

Great. Well thank you so much and congratulations.

Scott Smith

Thank you very much.

Operator

Thank you. And our next question is from John Ragozzino with RBC Capital Markets. Please go ahead.

John Ragozzino - RBC Capital Markets

Hi guys, sorry about the technical difficulties earlier and happy New Year. Congratulations.

Scott Smith

Thank you.

John Ragozzino - RBC Capital Markets

And I apologize if I had a question that I already missed, I just got caught up [inaudible], so first up Richard, in the absence of a capital markets kind of shut down hypothetically, this increased cost component of your entire asset base, how long you think that would sustain a distribution or you were just strictly relying on organic activities to generate cash flow growth?

Richard Robert

John, we haven't put a number of years on it, but I can tell you if gas prices stay in the $4 range, we have many, many, many years of sustainability. Between our Woodford property and now this property, we just have so many locations to drill like I can't put a number of years on, we haven't calculated, but it's certainly well over 10 years.

John Ragozzino - RBC Capital Markets

Fair enough. Thanks. I hope [I will still] [ph] be doing this job after that period is over. Along the same line, looking at the non-op properties versus the operated - opportunities for the A&D market, is this kind of a step change in this strategy or do you think you will see more acquisitions done in the non-op side and can you compare the general pricing levels and this is a pretty attractive level on most of the metrics that you quoted before, but is this something that you typically see or just a one-off deal?

Scott Smith

John, this is Scott. I think this is really more of a one-off opportunity. Again this is world-class gas field with excellent operators, it really was an opportunity that was really hard to pass up in one that we worked very hard on. I don't think that we are going to see a lot of non-op opportunities that are nearly quite this quality.

John Ragozzino - RBC Capital Markets

Sorry, then just one last question, in the release it was mentioned very large number of undeveloped locations that were subject to the SEC's five-year rule and I think this is probably a follow-up to the last question about gas prices, can you try and give us an idea what that inventory number would look like in the absence of any SEC five-year rule and also in a perfect gas price environment or assuming that there is no price related negative revisions impacting that number.

Scott Smith

I feel like we've calculated that number John because it's coming up -- it's not meaningful to us at the moment. It's just -- it obviously gives us a lot of assurances that we will be doing this program for a number of years, but we try not to inflate our numbers by talking about things that we couldn’t have booked, so I don't want to get definitive on what that impact is, how many reserves that we haven't booked, but I think you can kind of gauge for yourself 970 locations are equalling what 120 Bcf, so here you got 5200 additional locations. You can kind of do the math on the back of the notepad, but it's not something that we want to count.

John Ragozzino - RBC Capital Markets

Thanks. Fair enough. Well, thanks very much and congratulations and happy New Year guys.

Scott Smith

Thanks very much.

Richard Robert

Thank you.

Operator

Thank you. And our next question is from the line of Abhi Sinha with Wunderlich Securities. Please go ahead.

Abhi Sinha - Wunderlich Securities

Yeah hi. Good morning, guys. Just one quick one. How do you compare economics for these acquired assets versus what you already have given your Antero acquisition and the Barnett acquisition, I think there is lot of potential there to -- for which you are waiting on the natural gas prices to come up. Just want to compare the economics for these two areas?

Richard Robert

Well, this is Richard. The economics are similar. I would say that this Pinedale area is less dependent upon NGL pricing. It's not as sensitive. It is more gas than it is NGL than our Antero, Woodford properties were. So the expected returns are quite different depending on what the ultimate EUR is.

As we mentioned 30% to 60% is the anticipated IRR for our drilling results in the Pinedale. We said in the Antero area based on existing numbers, that number is closer to 30% to 35%. So net-net, we think it's certainly the Pinedale area has a little bit better return and we obviously like the less dependence on NGL pricing to make that return.

Abhi Sinha - Wunderlich Securities

Sure. So I think then what I read is like that, that would still be at the backburner and these acquired properties will be the frontrunner for them.

Richard Robert

Yes.

Abhi Sinha - Wunderlich Securities

Okay.

Scott Smith

I wouldn’t -- I mean we still expect to have an active drilling program in the Woodford as well, which we will discuss more on our -- when we talk about our 2014 capital plan.

Abhi Sinha - Wunderlich Securities

Okay. That's all I have. Thank you very much.

Scott Smith

Sure.

Operator

Thank you. And our next question is from the line of Kevin Smith with Raymond James.

Kevin Smith - Raymond James

Hi, good morning, gentlemen.

Scott Smith

Good morning, Kevin.

Kevin Smith - Raymond James

Yeah I really have two questions. First, Richard, thank you for talking about the organic growth rate for several years on these new properties. Should we think then that the growth CapEx being a limited thing just to kind of get you through that organic growth or is your shift to get to growth CapEx more of a permanent in nature?

Scott Smith

No, I really think it's going to be on an acquisition by acquisition basis. Certainly we anticipate the growth CapEx to continue on these properties and as we evaluate other acquisitions, we will evaluate whether or not our growth capital program is warranted based on the characteristics and again we will look at the characteristics and decide if it's warranted to do within the MLP or whether we should consider doing a [drill] [ph] which we've discussed in the past. It's just every acquisition is going to be case specific.

Kevin Smith - Raymond James

Okay. Very helpful and then lastly, is this, I assume this acquisition is large enough to trigger that you need to file audited financials that will keep you out of the capital markets until then.

Scott Smith

No, it's less than 50%. So we are not precluded from getting into the market, but yes, we do have to -- we have to get some audited financials [for the year] [ph].

Kevin Smith - Raymond James

Okay. That's all I had. Thank you very much.

Scott Smith

Thank you. And our next question is from the line of Michael Peterson with MLV & Company. Please go ahead.

Michael Peterson - MLV & Company

Hi, good morning, everyone. Just one question. I appreciate all of the detail that you provided in your prepared remarks. So a question in regards to PUDs, in the past with acquisitions you've discussed paying little or nothing for the value of PUDs, I suspect that is changed with this acquisition. Can you either give us a sense as to what you think the valuation of the PUDs in this acquisition was or alternatively, an idea of what the PUD conversion cost might be?

Richard Robert

Well, we mentioned the F&D costs are about a dollar on these properties. We obviously - there was value in these PUDs, so we did allocate some value. I would suggest it's probably in $100 million range probably what the value was. So it was still a fairly small component on the overall acquisition cost.

Scott Smith

But I’d add we wouldn't have gotten -- we would not have gotten this transaction if we didn't pay up for the PUD -- put some value to them.

Michael Peterson – MLV & Company

Sure. So no that's understood. Scott, I didn’t mean it to be pejorative. I just wanted to get your sense for valuation. That's helpful. That's my only question. Thank you very much.

Scott Smith

Thank you.

Richard Robert

Thanks Michael.

Operator

Thank you. And our next question is from the line of Michael Gaiden with Robert W. Baird. Please go ahead.

Michael Gaiden – Robert W. Baird

Good morning, gentlemen. Thanks for all the detail. Can I ask also as it relates to PUDs, given this [inaudible] focus on organic growth through the drillbit and these attractive PUD economics that you [trained for this year] [ph] should we expect your acquisition strategy going forward to may be lean more heavily toward these PUD-rich type opportunities or as per some of the earlier comments is this more likely a one-off?

Richard Robert

I think going forward, again, [we’re going to look at any] [ph] transactions separately, but PUD-rich opportunities are not really the basis of the MLP model. But again, there's a lot of PUDs here that we acquired with this transaction, but again, they're being developed over a long period of time in a very methodical type approach by really excellent operators. So I don't think we're looking at a step change and how we're going to be looking at opportunities going forward.

Michael Gaiden – Robert W. Baird

Great. Thank you for that color. And lastly, you are coming up to comment on the weather as it relates to these acquired assets in the fourth quarter. Could you offer any insight on any other weather related disruptions on your incumbent asset base in the fourth quarter?

Scott Smith

Yeah. I mean, we have had some weather related disruptions in West Texas in particular. In fact, it does for a number of days at the end of November I believe was the timeframe. Gas in particular was affected. Oil came back relatively quickly, but we are continuing to have some constraints as it relates to the gas flowing in. And in the Mexico, in particular, there's some infrastructure constraints that constrained some of our gas production as well. So, yes, we're having some weather related and some just infrastructure related type constraints in the fourth quarter.

Michael Gaiden – Robert W. Baird

Great. Thanks for that insight, gentlemen.

Operator

Thank you. And our next question is from Mike Schmidt with Ladenburg Thalmann. Please go ahead.

Mike Schmidt – Ladenburg Thalmann

Hi, just two quick follow-ups. One is roughly how much of the acquired production is operated by Ultra versus QEP? And then two, what did you say the gathering expense was?

Scott Smith

Let's see. The gathering cost wasn’t it about $0.95?

Richard Robert

It's $0.80.

Scott Smith

$0.80, okay.

Richard Robert

And as far as the split between Ultra and Questar, Mark, do you know that number or Scott?

Richard Robert

I think it's around 60%, but Mark Carnes, our Acquisition Director is on the call as well. If it's something different than that please chime in.

Mark Carnes

It's about one-third QEP and two-thirds Ultra.

Mike Schmidt – Ladenburg Thalmann

Right. Thank you.

Richard Robert

Thanks.

Operator

Thank you. (Operator Instructions) Our next question is from the line of Adam Leight with RBC Capital Markets. Please go ahead.

Adam Leight – RBC Capital Markets

Okay. Good morning, everybody. I only have one other question. Are there any other significant non-operating partners in this?

Scott Smith

Not that we are aware of.

Adam Leight – RBC Capital Markets

Thanks.

Richard Robert

No, it's just Ultra and QEP.

Operator

Was that your only question, sir?

Adam Leight – RBC Capital Markets

Everything else was answered, thank you.

Operator

All right. Thank you. And I'm showing no further questions. I'll turn the call back to Scott Smith for closing comments.

Scott Smith

Again, thanks everyone for joining us this morning. Hopefully, we weren’t too disjointed calling in remotely from different places, but as you can tell we're very excited about this opportunity. I think it's really an excellent, excellent acquisition for the company. And it's kind of have long, long-term benefits for us for 2014 and the years beyond. So we look forward to providing more color on all the -- from this opportunity as well as our other operations when we do our call putting out our guidance for 2014.

So with that, thank you very much and happy New Year to everybody.

Operator

Ladies and gentlemen, this concludes our conference for today. Thank you for your participation. You may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Vanguard Natural Resources' CEO Hosts Agreement to Acquire Properties in Wyoming Conference (Transcript)
This Transcript
All Transcripts