Vanguard Natural Resources Unitholders Approve the Merger with Encore Energy Partners LP
November 30 2011 - 12:11PM
Business Wire
Vanguard Natural Resources, LLC (NYSE: VNR) (“Vanguard”)
announced that at a special meeting of unitholders held today, the
unitholders of Vanguard approved an issuance of common units
representing limited liability company interests in Vanguard in
connection with the merger of Encore Energy Partners LP (“Encore”)
with a wholly-owned subsidiary of Vanguard. The issuance of common
units was approved by approximately 90.6% of the Vanguard units
that voted on the transaction. Vanguard expects the merger to be
completed later today on November 30, 2011.
Based on the terms of the merger agreement, Encore unitholders
will receive 0.75 Vanguard common units for each Encore common unit
they own. Cash will be paid to Encore unitholders in accordance
with the merger agreement in lieu of any fractional units they
otherwise would have been entitled to receive. As a result of the
merger completion, common units of Encore will cease trading at the
close of business today. Vanguard common units will continue to be
traded on the New York Stock Exchange under the ticker symbol
“VNR.”
About Vanguard Natural Resources, LLC
Vanguard Natural Resources, LLC is a publicly traded limited
liability company focused on the acquisition, production and
development of oil and natural gas properties. The Company's assets
consist primarily of producing and non-producing oil and natural
gas reserves located in the southern portion of the Appalachian
Basin, the Permian Basin, South Texas and Mississippi. More
information on Vanguard can be found at www.vnrllc.com.
About Encore Energy Partners LP
Encore Energy Partners LP is a publicly traded master limited
partnership focused on the acquisition, production, and development
of oil and natural gas properties. ENP's assets consist primarily
of producing and non-producing oil and natural gas properties in
the Big Horn Basin in Wyoming and Montana, the Williston Basin in
North Dakota and Montana, the Permian Basin in West Texas and New
Mexico, and the Arkoma Basin in Arkansas and Oklahoma. More
information on ENP can be found at www.encoreenp.com.
Forward-Looking Statements
We make statements in this news release that are considered
forward-looking statements within the meaning of the Securities
Exchange Act of 1934. These forward-looking statements are largely
based on our expectations, which reflect estimates and assumptions
made by our management. These estimates and assumptions reflect our
best judgment based on currently known market conditions and other
factors. Although we believe such estimates and assumptions to be
reasonable, they are inherently uncertain and involve a number of
risks and uncertainties that are beyond our control. In addition,
management's assumptions about future events may prove to be
inaccurate. Management cautions all readers that the
forward-looking statements contained in this news release are not
guarantees of future performance, and we cannot assure you that
such statements will be realized or the forward-looking events and
circumstances will occur. Actual results may differ materially from
those anticipated or implied in the forward-looking statements due
to factors listed in the "Risk Factors" section in our SEC filings
and elsewhere in those filings. All forward-looking statements
speak only as of the date of this news release. We do not intend to
publicly update or revise any forward-looking statements as a
result of new information, future events or otherwise.
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