May 4, 2010 (FinancialWire) — Vanguard Natural Resources, LLC (NYSE: VNR) said it has entered into a definitive agreement to acquire producing oil and gas assets in Mississippi, Texas and New Mexico for $113.1 million from a private seller.

According to Vanguard, the properties to be acquired have estimated total proved reserves of 4.7 million barrels of oil equivalent, of which approximately 96% are oil reserves and 61% are proved developed.

At closing of this transaction later this month, net production attributable to the assets being acquired should be approximately 850 Boe/d, according to the company. The effective date of the acquisition is May 1, 2010 and the company said it anticipates closing this acquisition on or before May 27, 2010.

After closing the transaction, company management said it plans to recommend to the Vanguard board an increase in the quarterly distribution rate for the second quarter 2010 distribution payable on August 13, 2010.  The company is currently distributing $0.525 per quarter.

Texas-based Vanguard Natural Resources is focused on 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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