Vanguard Natural Resources LLC (NASDAQ:VNR) has closed on its acquisition of natural gas and liquids assets in the Piceance Basin in Colorado from Bill Barrett Corp. for an adjusted purchase price of $508.7 million. The effective date of the acquisition is July 1.
The company funded this acquisition with borrowings under its existing reserve-based credit facility. As anticipated, Vanguard’s borrowing base was increased from $1.525 billion to $2.0 billion in connection with a borrowing base redetermination to include the properties from this acquisition and the recently acquired assets in North Louisiana and East Texas. As of Sept. 30, Vanguard has more than $620 million in liquidity to continue its growth through acquisitions strategy.