Each one in plain English, with the numbers worked through for a shareholder.
9 Oct 2008asset acquisition disposition▲ GoodMajor
Vanguard filed the financial statements for the South Texas properties it bought from Segundo Navarro Drilling, a Lewis Energy Group affiliate. The deal closed July 28, 2008 at an adjusted $51.4 million, paid as $30.0 million cash and 1,350,873 Vanguard units. The properties are about 99% natural gas with 21.8 Bcfe of proved reserves, and Vanguard assumed gas hedges covering about 85% of expected producing gas output through 2011. They earned $5.9 million of revenues over direct operating expenses in 2007.
Auditor UHY LLP resigned after determining that hiring a member of its own audit team created an independence conflict - not a dispute over the company's books, which UHY had signed off on cleanly.
Closed the South Texas gas acquisition from the Lewis Energy Group affiliate, paying $32 million cash and issuing 1.35 million units, and assumed Lewis's existing gas hedges through 2011.
Agreed to buy South Texas natural gas properties from an affiliate of the Lewis Energy Group for about $53.4 million in cash and units, with Lewis continuing to operate the wells and jointly develop undeveloped acreage.
Corrected per-unit earnings figures in its 2007 annual report (from $0.24 to $0.39) due to a unit-count calculation error; the fix didn't change total assets, income or cash flow.
Vanguard filed the financial statements for the Permian Basin oil and gas properties it bought from Apache Corporation. The deal closed on January 31, 2008 at an adjusted price of $73.4 million (versus the $78.3 million originally agreed, before adjustments). The properties had 5.1 MMboe of proved reserves (about 84% oil), and Vanguard took on oil swaps covering about 90% of expected producing oil output through 2011 at a weighted average of $87.29. The properties earned $11.6 million of revenues over direct operating expenses in 2007.
Third Point LLC, Daniel S. Loeb, Third Point Partners L.P., BLRTQS Partnership, Bradley L. Radoff disclosed a new substantial Grizzly Energy, LLC shareholding (9.50% of votes).
Closed the Apache Permian Basin purchase at $73.4 million after price adjustments, and locked in swaps covering most of the acquired oil output through 2011.
Agreed to buy Permian Basin oil and gas properties from Apache Corporation for about $78.3 million, funded through its reserve-based credit facility - the first major acquisition for the newly public upstream MLP.
