August 13, 2009 (FinancialWire) — Vanguard Natural Resources, LLC (NYSE: VNR) (Current Market Cap: $175.41 Mil.) has priced a public offering of 3.5 million common units at $14.25 per unit. Citi (NYSE: C), Wells Fargo Securities (NYSE: WFC) and RBC Capital Markets (NYSE: RY) acted as joint book-running managers.

The underwriters have been granted a 30-day option to purchase up to an additional 525,000 common units from the company at the public offering price, less the underwriting discount.

Vanguard said it expects to receive net proceeds of around $47.4 million, or $54.6 million if the underwriters exercise their option. The company plans to use all of the net proceeds from the offering to repay indebtedness outstanding under its reserve-based credit facility.

Houston-based Vanguard Natural Resources is engaged in the acquisition, production and development of natural gas and oil properties. The company’s assets consist primarily of producing and non-producing natural gas and oil reserves located in the southern portion of the Appalachian Basin, the Permian Basin and South Texas.

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