Nasdaq-listed Vanguard Natural Resources will spend $278 million to buy 23,000 net acres of natural gas, oil, and natural gas liquids assets in North Louisiana and East Texas, the company announced August 4.
The deal is expected to close in October
Vanguard is acquiring the acreage from Dallas-based Hunt Oil.
The company said the properties are producing 17.5 million cubic feet equivalent per day, with 67 percent from natural gas and 33 percent from oil and NGLs.
This is Vanguard’s second major purchase in the previous eight months.
The company bought oil and gas properties totaling 87,000 net acres in Wyoming for $581 million in December 2013.