(Mark One)
|
||
x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
|
For
the quarterly period ended March 31, 2009
|
||
OR
|
||
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
|
For
the transition period
from to
|
||
Commission
File Number: 001-33756
|
Delaware
|
61-1521161
|
|
(State
or Other Jurisdiction of
Incorporation
or Organization)
|
(I.R.S.
Employer
Identification
No.)
|
7700
San Felipe, Suite 485
Houston,
Texas
|
77063
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
Large
accelerated filer
o
|
Accelerated
filer
x
|
Non-accelerated
filer
o
|
Smaller
reporting company
o
|
(Do
not check if a smaller reporting company)
|
|
Page
|
|
|
||
/day
|
=
|
per
day
|
Mcf
|
=
|
thousand
cubic feet
|
|
Bbls
|
=
|
barrels
|
Mcfe
|
=
|
thousand
cubic feet of natural gas equivalents
|
|
Bcfe
|
=
|
billion
cubic feet of natural gas equivalents
|
MMBtu
|
=
|
million
British thermal units
|
|
Btu
|
=
|
British
thermal unit
|
MMcf
|
=
|
million
cubic feet
|
|
|
Three Months
Ended
March
31,
|
||||||||
2009
|
2008
|
|||||||
Revenues:
|
|
|
||||||
Natural
gas and oil sales
|
$
|
9,202
|
$
|
14,002
|
||||
Gain
(loss) on commodity cash flow hedges
|
(896
|
)
|
416
|
|||||
Gain
(loss) on other commodity derivative contracts
|
17,649
|
(21,772
|
)
|
|||||
Total
revenues
|
25,955
|
(7,354
|
)
|
|||||
Costs
and expenses:
|
||||||||
Lease
operating expenses
|
3,133
|
2,015
|
||||||
Depreciation,
depletion, amortization, and accretion
|
3,783
|
2,824
|
||||||
Impairment
of natural gas and oil properties
|
63,818
|
—
|
||||||
Selling,
general and administrative expenses
|
3,152
|
1,646
|
||||||
Production
and other taxes
|
642
|
966
|
||||||
Total
costs and expenses
|
74,528
|
7,451
|
||||||
Loss
from operations
|
(48,573
|
)
|
(14,805
|
)
|
||||
Other
income and (expense):
|
||||||||
Interest
income
|
—
|
8
|
||||||
Interest
expense
|
(1,013
|
)
|
(1,130
|
)
|
||||
Loss
on interest rate derivative contracts
|
(379
|
)
|
(5
|
)
|
||||
Total
other expense
|
(1,392
|
)
|
(1,127
|
)
|
||||
Net
loss
|
$
|
(49,965
|
)
|
$
|
(15,932
|
)
|
||
Net
loss per unit:
|
||||||||
Common
& Class B units – basic
|
$
|
(3.98
|
)
|
$
|
(1.42
|
)
|
||
Common
& Class B units – diluted
|
$
|
(3.98
|
)
|
$
|
(1.42
|
)
|
||
Weighted
average units outstanding:
|
||||||||
Common
units – basic & diluted
|
12,145,873
|
10,795,000
|
||||||
Class
B units – basic & diluted
|
420,000
|
420,000
|
March
31,
2009
|
December 31,
2008
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets | ||||||||
Cash
and cash equivalents
|
$ | 2,924 | $ | 3 | ||||
Trade
accounts receivable, net
|
4,204 | 6,083 | ||||||
Derivative
assets
|
28,106 | 22,184 | ||||||
Other
receivables
|
3,797 | 2,763 | ||||||
Other
current assets
|
637 | 845 | ||||||
Total
current assets
|
39,668 | 31,878 | ||||||
Natural gas and oil properties, at cost
|
286,632 | 284,447 | ||||||
Accumulated depletion
|
(169,739 | ) | (102,178 | ) | ||||
Natural
gas and oil properties evaluated, net – full cost
method
|
116,893 | 182,269 | ||||||
Other
assets
|
||||||||
Derivative assets
|
19,087 | 15,749 | ||||||
Deferred financing costs
|
805 | 882 | ||||||
Other assets
|
1,053 | 1,784 | ||||||
Total
assets
|
$ | 177,506 | $ | 232,562 | ||||
Liabilities
and members’ equity
|
||||||||
Current
liabilities
|
||||||||
Accounts payable – trade
|
$ | 883 | $ | 2,148 | ||||
Accounts payable – natural gas and oil
|
871 | 1,327 | ||||||
Payables to affiliates
|
1,263 | 2,555 | ||||||
Derivative liabilities
|
244 | 486 | ||||||
Accrued expenses
|
2,311 | 1,248 | ||||||
Total
current liabilities
|
5,572 | 7,764 | ||||||
Long-term debt
|
136,500 | 135,000 | ||||||
Derivative liabilities
|
2,599 | 2,313 | ||||||
Asset retirement obligations
|
2,159 | 2,134 | ||||||
Total
liabilities
|
146,830 | 147,211 | ||||||
Commitments
and contingencies
|
||||||||
Members’
equity
|
||||||||
Members’ capital, 12,145,873 common units issued and outstanding at March
31, 2009 and December 31, 2008
|
32,399 | 88,550 | ||||||
Class B units, 420,000 issued and outstanding at March 31, 2009 and
December 31, 2008
|
5,195 | 4,606 | ||||||
Accumulated other comprehensive loss
|
(6,918 | ) | (7,805 | ) | ||||
Total
members’ equity
|
30,676 | 85,351 | ||||||
Total
liabilities and members’ equity
|
$ | 177,506 | $ | 232,562 |
Three Months Ended
March
31,
|
||||||||
2009
|
2008
|
|||||||
Operating
activities
|
||||||||
Net
loss
|
$ | (49,965 | ) | $ | (15,932 | ) | ||
Adjustments
to reconcile net loss to net cash provided by operating
activities:
|
||||||||
Depreciation,
depletion, amortization, and accretion
|
3,783 | 2,824 | ||||||
Impairment
of natural gas and oil properties
|
63,818 | — | ||||||
Amortization
of deferred financing costs
|
100 | 84 | ||||||
Unit-based
compensation
|
2,188 | 915 | ||||||
Amortization
of premiums paid and non-cash settlements on derivative
contracts
|
1,465 | 1,301 | ||||||
Unrealized
(gains) losses on other commodity and interest rate derivative
contracts
|
(9,786 | ) | 20,210 | |||||
Changes
in operating assets and liabilities:
|
||||||||
Trade
accounts receivable
|
1,879 | (5,615 | ) | |||||
Other
receivables
|
(1,034 | ) | — | |||||
Payables
to affiliates
|
(1,292 | ) | (108 | ) | ||||
Other
current assets
|
208 | (306 | ) | |||||
Price
risk management activities, net
|
(9 | ) | (183 | ) | ||||
Accounts
payable
|
(1,721 | ) | 253 | |||||
Accrued
expenses
|
(236 | ) | 598 | |||||
Net
cash provided by operating activities
|
9,398 | 4,041 | ||||||
Investing
activities
|
||||||||
Additions
to property and equipment
|
(7 | ) | (32 | ) | ||||
Additions
to natural gas and oil properties
|
(1,260 | ) | (1,238 | ) | ||||
Acquisitions
of natural gas and oil properties
|
(202 | ) | (65,662 | ) | ||||
Deposits
and prepayments of natural gas and oil properties
|
(1 | ) | (1,120 | ) | ||||
Net
cash used in investing activities
|
(1,470 | ) | (68,052 | ) | ||||
Financing
activities
|
||||||||
Proceeds
from borrowings
|
6,500 | 71,400 | ||||||
Repayment
of debt
|
(5,000 | ) | (6,300 | ) | ||||
Distributions
to members
|
(6,283 | ) | (3,263 | ) | ||||
Financing
costs
|
(23 | ) | (178 | ) | ||||
Purchase
of units for issuance as unit-based compensation
|
(201 | ) | — | |||||
Net
cash provided by (used in) financing activities
|
(5,007 | ) | 61,659 | |||||
Net
increase (decrease) in cash and cash equivalents
|
2,921 | (2,352 | ) | |||||
Cash and cash
equivalents, beginning of period
|
3 | 3,109 | ||||||
Cash and cash
equivalents, end of period
|
$ | 2,924 | $ | 757 | ||||
Supplemental
cash flow information:
|
||||||||
Cash
paid for interest
|
$ | 1,010 | $ | 1,106 | ||||
Non-cash
financing and investing activities:
|
||||||||
Asset
retirement obligations
|
$ | — | $ | 1,260 | ||||
Accrued
dividends declared
|
$ | — | $ | 4,991 | ||||
Derivative
liabilities assumed in acquisition of natural gas and oil
properties
|
$ | — | $ | 1,128 | ||||
Transfer
of deposit for natural gas and oil properties
|
$ | — | $ | 7,830 |
Three Months
Ended
March 31,
|
||||||||
2009
|
2008
|
|||||||
Net
loss
|
$
|
(49,965
|
)
|
$
|
(15,932
|
)
|
||
Net
gains (losses) from derivative contracts:
|
||||||||
Unrealized
mark-to-market gains arising during the period
|
—
|
1,490
|
||||||
Reclassification
adjustments for settlements
|
887
|
(416
|
)
|
|||||
Other
comprehensive income
|
887
|
1,074
|
||||||
Comprehensive
loss
|
$
|
(49,078
|
)
|
$
|
(14,858
|
)
|
1.
|
Summary
of Significant Accounting Policies
|
(a)
|
Basis
of
Presentation
and Principles
of Consolidation:
|
(b)
|
Recently
Adopted Accounting Pronouncements:
|
(c)
|
New
Pronouncements Issued But Not Yet
Adopted:
|
(d)
|
Use
of Estimates:
|
2.
|
Acquisition
|
Three
Months Ended
March
31, 2008
Proforma
(in
thousands,
except
per unit data)
(unaudited)
|
||||
Total
revenues
|
$
|
(2,700
|
)
|
|
Net
loss
|
$
|
(14,331
|
)
|
|
Net
loss per unit:
|
||||
Common &
Class B units – basic
|
$
|
(1.14
|
)
|
|
Common &
Class B units – diluted
|
$
|
(1.14
|
)
|
3.
|
Credit
Facility and Long-Term Debt
|
|
|
Amount Outstanding
(in
thousands)
|
||||||||
Description
|
Interest
Rate
|
Maturity Date
|
March
31,
2009
|
December 31,
2008
|
||||||
Senior secured
reserve-based credit facility
|
Variable
|
March 31, 2011
|
$ | 136,500 | $ | 135,000 |
Borrowing
Base Utilization Percentage
|
<33%
|
>33%
<66%
|
>66%
<85%
|
>85%
|
|||||
Eurodollar
Loans
|
1.500%
|
1.750%
|
2.000%
|
2.125%
|
|||||
ABR
Loans
|
0.000%
|
0.250%
|
0.500%
|
0.750%
|
|||||
Commitment
Fee Rate
|
0.250%
|
0.300%
|
0.375%
|
0.375%
|
|||||
Letter
of Credit Fee
|
1.000%
|
1.250%
|
1.500%
|
1.750%
|
4.
|
Price
Risk Management Activities
|
Gas
|
Oil
|
|||||||||
Contract
Period
|
MMBtu
|
Weighted
Average
Fixed Price
|
Bbls
|
WTI
Price
|
||||||
April
1, 2009 - December 31, 2009
|
2,672,864
|
$
|
9.30
|
135,000
|
$
|
87.23
|
||||
January
1, 2010 - December 31, 2010
|
3,782,040
|
$
|
8.95
|
164,250
|
$
|
85.65
|
||||
January
1, 2011 - December 31, 2011
|
3,328,312
|
$
|
7.83
|
151,250
|
$
|
85.50
|
Contract
Period
|
Volume in MMBtu
|
Purchased NYMEX
Price Floor
|
|||
April
1, 2009 - December 31, 2009
|
613,041
|
$
|
7.50
|
|
Gas
|
Oil
|
||||||||||||||||||||||
|
MMBtu
|
Floor
|
Ceiling
|
Bbls
|
Floor
|
Ceiling
|
||||||||||||||||||
Production
Period:
|
||||||||||||||||||||||||
April
1, 2009 - December 31, 2009
|
749,997
|
$ |
7.50
|
$ | 9.00 |
27,500
|
$ | 100.00 | $ | 127.00 | ||||||||||||||
January
1, 2010 - December 31, 2010
|
914,000
|
$ | 7.90 | $ | 9.24 |
—
|
$ | — | $ | — | ||||||||||||||
January
1, 2011 - December 31, 2011
|
364,000
|
$ | 7.50 | $ | 9.00 |
—
|
$ | — | $ | — |
Notional
Amount
(in
thousands)
|
Fixed
Libor
Rates
|
|||||||
Period:
|
||||||||
April
1, 2009 to December 10, 2010
|
$ | 10,000 |
1.50
%
|
|||||
April
1, 2009 to December 20, 2010
|
$ | 10,000 |
1.85
%
|
|||||
April
1, 2009 to January 31, 2011
|
$ | 20,000 |
3.00
%
|
|||||
April
1, 2009 to March 31, 2011
|
$ | 20,000 |
2.08
%
|
|||||
April
1, 2009 to December 10, 2012
|
$ | 20,000 |
3.35
%
|
|||||
April
1, 2009 to January 31, 2013
|
$ | 20,000 |
2.38
%
|
|||||
April
1, 2009 to September 10, 2009 (Basis Swap)
|
$ | 20,000 |
LIBOR
1M vs. LIBOR 3M
|
|||||
April
1, 2009 to October 31, 2009 (Basis Swap)
|
$ | 40,000 |
LIBOR
1M vs. LIBOR 3M
|
March
31, 2009
|
December
31, 2008
|
|||||||
(in
thousands)
|
||||||||
Assets:
|
||||||||
Commodity
derivatives
|
$
|
51,452
|
$
|
39,875
|
||||
$
|
51,452
|
$
|
39,875
|
|||||
Liabilities:
|
||||||||
Commodity
derivatives
|
$
|
(4,259
|
)
|
$
|
(1,942
|
)
|
||
Interest
rate swaps
|
(2,843
|
)
|
(2,799
|
)
|
||||
$
|
(7,102
|
)
|
$
|
(4,741
|
)
|
Three Months Ended
March
31,
|
||||||||
2009
|
2008
|
|||||||
(in
thousands)
|
||||||||
Realized
gains (losses):
|
||||||||
Other
commodity derivatives
|
$ | 7,820 | $ | (1,562 | ) | |||
Interest
rate swaps
|
(336 | ) | (5 | ) | ||||
$ | 7,484 | $ | (1,567 | ) | ||||
Unrealized
gains (losses):
|
||||||||
Other
commodity derivatives
|
$ | 9,829 | $ | (20,210 | ) | |||
Interest
rate swaps
|
(43 | ) | — | |||||
$ | 9,786 | $ | (20,210 | ) | ||||
Total
gains (losses):
|
||||||||
Other
commodity derivatives
|
$ | 17,649 | $ | (21,772 | ) | |||
Interest
rate swaps
|
(379 | ) | (5 | ) | ||||
$ | 17,270 | $ | (21,777 | ) |
5.
|
Fair
Value Measurements
|
Level
1
|
|
Quoted
prices for identical instruments in active markets.
|
Level
2
|
Quoted
market prices for similar instruments in active markets; quoted prices for
identical or similar instruments in markets that are not active; and
model-derived valuations in which all significant inputs and significant
value drivers are observable in active markets.
|
|
Level 3
|
Valuations
derived from valuation techniques in which one or more significant inputs
or significant value drivers are unobservable. Level 3 assets and
liabilities generally include financial instruments whose value is
determined using pricing models, discounted cash flow methodologies, or
similar techniques, as well as instruments for which the determination of
fair value requires significant management judgment or estimation or for
which there is a lack of transparency as to the inputs
used.
|
|
March 31, 2009
(in
thousands)
|
|||||||||||||||
|
Fair Value Measurements Using
|
Assets/Liabilities
|
||||||||||||||
|
Level
1
|
Level
2
|
Level
3
|
at Fair value
|
||||||||||||
Assets:
|
||||||||||||||||
Commodity
price derivative contracts
|
$ | — | $ | 47,193 | $ | — | $ | 47,193 | ||||||||
Total
derivative instruments
|
$ | — | $ | 47,193 | $ | — | $ | 47,193 | ||||||||
Liabilities:
|
||||||||||||||||
Interest
rate derivative contracts
|
$ | — | $ | (2,843 | ) | $ | — | $ | (2,843 | ) | ||||||
Total
derivative instruments
|
$ | — | $ | (2,843 | ) | $ | — | $ | (2,843 | ) |
6.
|
Asset
Retirement Obligations
|
2009
|
2008
|
|||||||
(in
thousands)
|
||||||||
Asset
retirement obligations at January 1,
|
$ | 2,134 | $ | 190 | ||||
Liabilities
added during the current period
|
— | 1,260 | ||||||
Accretion
expense
|
25 | 14 | ||||||
Asset
retirement obligation at March 31,
|
$ | 2,159 | $ | 1,464 |
7.
|
Related
Party Transactions
|
8.
|
Common
Units and Net Income per Unit
|
9.
|
Unit-Based
Compensation
|
Number of
Non-vested Units
|
Weighted Average
Grant Date Fair Value
|
|||||||
|
|
|||||||
Non-vested
units at December 31, 2008
|
440,000 | $ | 18.10 | |||||
Granted
|
37,950 | 8.07 | ||||||
Vested
|
(20,000 | ) | (17.34 | ) | ||||
Non-vested
units at March 31, 2009
|
457,950 | $ | 17.30 |
10.
|
Subsequent
Event
|
Borrowing
Base Utilization Percentage
|
<33%
|
>33%
<66%
|
>66%
<85%
|
>85%
|
|||||
Eurodollar
Loans
|
1.500%
|
1.750%
|
2.000%
|
2.125%
|
|||||
ABR
Loans
|
0.000%
|
0.250%
|
0.500%
|
0.750%
|
|||||
Commitment
Fee Rate
|
0.250%
|
0.300%
|
0.375%
|
0.375%
|
|||||
Letter
of Credit Fee
|
1.000%
|
1.250%
|
1.500%
|
1.750%
|
Three Months Ended
March
31,
|
||||||||
2009
|
2008
(a) (b)
|
|||||||
Revenues:
|
||||||||
Gas
sales
|
$ | 6,322 | $ | 9,020 | ||||
Oil
sales
|
2,880 | 4,982 | ||||||
Natural
gas and oil sales
|
9,202 | 14,002 | ||||||
Gain
(loss) on commodity cash flow hedges
|
(896 | ) | 416 | |||||
Gain
(loss) on other commodity derivative contracts
|
17,649 | (21,772 | ) | |||||
Total
revenues
|
$ | 25,955 | $ | (7,354 | ) | |||
Costs
and expenses:
|
||||||||
Lease
operating expenses
|
$ | 3,133 | $ | 2,015 | ||||
Depreciation,
depletion, amortization, and accretion
|
3,783 | 2,824 | ||||||
Impairment
of natural gas and oil properties
|
63,818 | — | ||||||
Selling,
general and administrative expenses
|
3,152 | 1,646 | ||||||
Production
and other taxes
|
642 | 966 | ||||||
Total
costs and expenses
|
$ | 74,528 | $ | 7,451 | ||||
Other
income and (expense):
|
||||||||
Interest
expense, net
|
$ | (1,013 | ) | $ | (1,122 | ) | ||
Loss
on interest rate derivative contracts
|
$ | (379 | ) | $ | (5 | ) |
(a)
|
The
Permian acquisition closed on January 31, 2008 and, as such, only two
months of operations are included in the three month period ended March
31, 2008.
|
|
(b)
|
The
south Texas acquisition closed on July 28, 2008 and, as such, no
operations are included in the three month period ended March 31,
2008.
|
Three Months Ended
March
31,
|
Percentage
Increase
(Decrease)
|
|||||||
2009
|
2008
|
|||||||
Net
Natural Gas Production:
|
||||||||
Appalachian
gas (MMcf)
|
805
|
867
|
(7)
|
%
|
||||
Permian
gas (MMcf)
|
59
|
42
|
(a)
|
N/A
|
||||
South
Texas gas (MMcf)
|
276
|
—
|
(b)
|
N/A
|
||||
Total
natural gas production (MMcf)
|
1,140
|
909
|
||||||
Average
Appalachian daily gas production (Mcf/day)
|
8,949
|
9,527
|
(6)
|
%
|
||||
Average
Permian daily gas production (Mcf/day)
|
658
|
693
|
(a)
|
(5)
|
%
|
|||
Average
south Texas daily gas production (Mcf/day)
|
3,062
|
—
|
(b)
|
N/A
|
||||
Average
Vanguard daily gas production (Mcf/day)
|
12,669
|
10,220
|
||||||
Average
Natural Gas Sales Price per Mcf:
|
||||||||
Net
realized gas price, including hedges
|
$10.65
|
(c)
|
$10.47
|
(c)
|
2
|
%
|
||
Net
realized gas price, excluding hedges
|
$5.55
|
$9.93
|
(44)
|
%
|
||||
Net
Oil Production:
|
||||||||
Appalachian
oil (Bbls)
|
16,511
|
10,991
|
50
|
%
|
||||
Permian
oil (Bbls)
|
60,680
|
40,722
|
(a)
|
N/A
|
||||
Total
oil (Bbls)
|
77,191
|
51,713
|
||||||
Average
Appalachian daily oil production (Bbls/day)
|
183
|
121
|
51
|
%
|
||||
Average
Permian daily oil production (Bbls/day)
|
674
|
679
|
(a)
|
(1)
|
%
|
|||
Average
Vanguard daily oil production (Bbls/day)
|
857
|
800
|
||||||
Average
Oil Sales Price per Bbl:
|
||||||||
Net
realized oil price, including hedges
|
$70.53
|
$89.65
|
(21)
|
%
|
||||
Net
realized oil price, excluding hedges
|
$37.31
|
$96.33
|
(61)
|
%
|
(a)
|
The
Permian acquisition closed on January 31, 2008 and, as such, only two
months of operations are included in the three month period ended March
31, 2008.
|
|
(b)
|
The
south Texas acquisition closed on July 28, 2008 and, as such, no
operations are included in the three month period ended March 31,
2008.
|
|
(c)
|
Excludes
amortization of premiums paid and non-cash settlements on derivative
contracts.
|
·
|
the
London interbank offered rate, or LIBOR, plus an applicable margin between
1.50% and 2.125% per annum; or
|
·
|
a
domestic bank rate plus an applicable margin between 0.00% and 0.75% per
annum.
|
·
|
incur
indebtedness;
|
·
|
grant
certain liens;
|
·
|
make
certain loans, acquisitions, capital expenditures and
investments;
|
·
|
make
distributions;
|
·
|
merge
or consolidate; or
|
·
|
engage
in certain asset dispositions, including a sale of all or substantially
all of our assets.
|
·
|
consolidated
net income plus interest expense, income taxes, depreciation, depletion,
amortization, accretion, changes in fair value of derivative instruments
and other similar charges, minus all non-cash income added to consolidated
net income, and giving pro forma effect to any acquisitions or capital
expenditures, to interest expense of not less than 2.5 to
1.0;
|
·
|
consolidated
current assets, including the unused amount of the total commitments, to
consolidated current liabilities of not less than 1.0 to 1.0, excluding
non-cash assets and liabilities under SFAS No. 133, which includes the
current portion of derivative contracts;
and
|
·
|
consolidated
debt to consolidated net income plus interest expense, income taxes,
depreciation, depletion, amortization, accretion, changes in fair value of
derivative instruments and other similar charges, minus all non-cash
income added to consolidated net income, and giving pro forma effect to
any acquisitions or capital expenditures of not more than 4.0 to
1.0.
|
·
|
failure
to pay any principal when due or any interest, fees or other amount within
certain grace periods;
|
·
|
a
representation or warranty is proven to be incorrect when
made;
|
·
|
failure
to perform or otherwise comply with the covenants in the credit agreement
or other loan documents, subject, in certain instances, to certain grace
periods;
|
·
|
default
by us on the payment of any other indebtedness in excess of $2.0 million,
or any event occurs that permits or causes the acceleration of the
indebtedness;
|
·
|
bankruptcy
or insolvency events involving us or our
subsidiaries;
|
·
|
the
entry of, and failure to pay, one or more adverse judgments in excess of
$1.0 million or one or more non-monetary judgments that could reasonably
be expected to have a material adverse effect and for which enforcement
proceedings are brought or that are not stayed pending
appeal;
|
·
|
specified
events relating to our employee benefit plans that could reasonably be
expected to result in liabilities in excess of $1.0 million in any year;
and
|
·
|
a
change of control, which includes (1) an acquisition of ownership,
directly or indirectly, beneficially or of record, by any person or group
(within the meaning of the Securities Exchange Act of 1934 and the rules
of the Securities Exchange Commission) of equity interests representing
more than 25% of the aggregate ordinary voting power represented by our
issued and outstanding equity interests other than by Majeed S. Nami or
his affiliates, or (2) the replacement of a majority of our directors by
persons not approved by our board of
directors.
|
|
Payments Due by Year (in thousands)
|
|||||||||||||||||||||||||||
|
2009
|
2010
|
2011
|
2012
|
2013
|
After 2013
|
Total
|
|||||||||||||||||||||
Management
compensation
|
$ | 506 | $ | 113 | $ | — | $ | — | $ | — | $ | — | $ | 619 | ||||||||||||||
Asset
retirement obligations
|
— | 37 | 185 | 32 | 14 | 1,891 | 2,159 | |||||||||||||||||||||
Derivative
liabilities
|
243 | 4,081 | 1,268 | 1,105 | 405 | — | 7,102 | |||||||||||||||||||||
Long-term
debt (1)
|
— | — | 136,500 | — | — | — | 136,500 | |||||||||||||||||||||
Operating
leases
|
123 | 41 | — | — | — | — | 164 | |||||||||||||||||||||
Total
|
$ | 872 | $ | 4,272 | $ | 137,953 | $ | 1,137 | $ | 419 | $ | 1,891 | $ | 146,544 |
(1)
|
This
table does not include interest to be paid on the principal balances shown
as the interest rates on the reserve-based credit facility are
variable.
|
•
|
Net
interest expense, including write-off of deferred financing fees and
realized gains and losses on interest rate derivative
contracts;
|
•
|
Depreciation,
depletion, and amortization (including accretion of asset retirement
obligations);
|
•
|
Impairment
of natural gas and oil properties;
|
•
|
Amortization
of premiums paid and non-cash settlement on derivative
contracts;
|
•
|
Unrealized
gains and losses on other commodity and interest rate derivative
contracts;
|
•
|
Deferred
taxes; and
|
•
|
Unit-based
compensation expense.
|
Three
Months Ended
March
31,
(in
thousands)
|
||||||||
2009
|
2008
|
|||||||
Net
loss
|
$
|
(49,965
|
)
|
$
|
(15,932
|
)
|
||
Plus:
|
||||||||
Interest expense, including realized losses on interest rate
derivative contracts
|
1,349
|
1,130
|
||||||
Depreciation, depletion, amortization, and accretion
|
3,783
|
2,824
|
||||||
Impairment of natural gas and oil
properties
|
63,818
|
—
|
||||||
Amortization of premiums paid and
non-cash settlement on derivative contracts
|
1,465
|
1,301
|
||||||
Unrealized (gains) losses on other commodity and interest rate derivative
contracts
|
(9,786
|
)
|
20,210
|
|||||
Deferred
taxes
|
(197
|
)
|
—
|
|||||
Unit-based compensation expense
|
2,188
|
915
|
||||||
Less:
|
||||||||
Interest
income
|
—
|
8
|
||||||
Adjusted
EBITDA
|
$
|
12,655
|
$
|
10,440
|
April
1, -December 31, 2009
|
Year
2010
|
Year
2011
|
||||||||||
Gas
Positions:
|
||||||||||||
Fixed
Price Swaps:
|
||||||||||||
Notional
Volume (MMBtu)
|
2,672,864 | 3,782,040 | 3,328,312 | |||||||||
Fixed
Price ($/MMBtu)
|
$ | 9.30 | $ | 8.95 | $ | 7.83 | ||||||
Puts:
|
||||||||||||
Notional
Volume (MMBtu)
|
613,041 | — | — | |||||||||
Floor
Price ($/MMBtu)
|
$ | 7.50 | $ | — | $ | — | ||||||
Collars:
|
||||||||||||
Notional
Volume (MMBtu)
|
749,997 | 914,000 | 364,000 | |||||||||
Floor
Price ($/MMBtu)
|
$ | 7.50 | $ | 7.90 | $ | 7.50 | ||||||
Ceiling
Price ($/MMBtu)
|
$ | 9.00 | $ | 9.24 | $ | 9.00 | ||||||
Total:
|
||||||||||||
Notional
Volume (MMBtu)
|
4,035,902 | 4,696,040 | 3,692,312 | |||||||||
Oil
Positions:
|
||||||||||||
Fixed
Price Swaps:
|
||||||||||||
Notional
Volume (Bbls)
|
135,000 | 164,250 | 151,250 | |||||||||
Fixed
Price ($/Bbl)
|
$ | 87.23 | $ | 85.65 | $ | 85.50 | ||||||
Collars:
|
||||||||||||
Notional
Volume (Bbls)
|
27,500 | — | — | |||||||||
Floor
Price ($/Bbl)
|
$ | 100.00 | $ | — | $ | — | ||||||
Ceiling
Price ($/Bbl)
|
$ | 127.00 | $ | — | $ | — | ||||||
Total:
|
||||||||||||
Notional
Volume (Bbls)
|
162,500 | 164,250 | 151,250 |
Notional
Amount
(in
thousands)
|
Fixed
Libor
Rates
|
|||||
Period:
|
||||||
April
1, 2009 to December 10, 2010
|
$
|
10,000
|
1.50
|
%
|
||
April
1, 2009 to December 20, 2010
|
$
|
10,000
|
1.85
|
%
|
||
April
1, 2009 to January 31, 2011
|
$
|
20,000
|
3.00
|
%
|
||
April
1, 2009 to March 31, 2011
|
$
|
20,000
|
2.08
|
%
|
||
April
1, 2009 to December 10, 2012
|
$
|
20,000
|
3.35
|
%
|
||
April
1, 2009 to January 31, 2013
|
$
|
20,000
|
2.38
|
%
|
||
April
1, 2009 to September 10, 2009 (Basis Swap)
|
$
|
20,000
|
LIBOR
1M vs. LIBOR 3M
|
|||
April
1, 2009 to October 31, 2009 (Basis Swap)
|
$
|
40,000
|
LIBOR
1M vs. LIBOR 3M
|
Citibank,
N.A.
(A+)
|
BNP
Paribas
(AA)
|
The
Bank of Nova Scotia
(AA-)
|
Wachovia
Bank, N.A.
(AA+)
|
Total
|
|||||||||||||||
Current
Asset, net
|
$
|
1,011
|
$
|
25,980
|
$
|
1,115
|
$
|
—
|
$
|
28,106
|
|||||||||
Current
Liability, net
|
|
(37
|
)
|
|
—
|
|
—
|
|
(207
|
)
|
|
(244
|
)
|
||||||
Long-Term
Asset, net
|
|
3,560
|
|
15,527
|
|
—
|
|
—
|
|
19,087
|
|||||||||
Long-Term
Liability, net
|
|
—
|
|
(1,510
|
)
|
|
(772
|
)
|
|
(317
|
)
|
|
(2,599
|
)
|
|||||
Total
Amount Due from Counterparty/(Owed
to Counterparty)
at
March 31, 2009
|
$
|
4,534
|
$
|
39,997
|
$
|
343
|
$
|
(524
|
)
|
$
|
44,350
|
·
|
the
level of consumer demand for natural gas and
oil;
|
·
|
the
domestic and foreign supply of natural gas and
oil;
|
·
|
commodity
processing, gathering and transportation availability, and the
availability of refining capacity;
|
·
|
the
price and level of imports of foreign crude natural gas and
oil;
|
·
|
the
ability of the members of the Organization of Petroleum Exporting
Countries to agree to and to enforce crude oil price and production
controls;
|
·
|
domestic
and foreign governmental regulations and
taxes;
|
·
|
the
price and availability of alternative fuel
sources;
|
·
|
weather
conditions;
|
·
|
political
conditions or hostilities in oil and gas producing regions, including the
Middle East, Africa and South
America;
|
·
|
technological
advances affecting energy consumption;
and
|
·
|
worldwide
economic conditions.
|
·
|
the
amount of natural gas and oil we
produce;
|
·
|
the
price at which we are able to sell our natural gas and oil
production;
|
·
|
the
level of our operating costs;
|
·
|
the
level of our interest expense which depends on the amount of our
indebtedness and the interest payable thereon;
and
|
·
|
the
level of our capital expenditures.
|
·
|
the
level of our capital expenditures;
|
·
|
our
ability to make working capital borrowings under our credit facility to
pay distributions;
|
·
|
the
cost of acquisitions, if any;
|
·
|
our
debt service requirements;
|
·
|
fluctuations
in our working capital needs;
|
·
|
timing
and collectibility of receivables;
|
·
|
restrictions
on distributions contained in our credit
facility;
|
·
|
prevailing
economic conditions; and
|
·
|
the
amount of cash reserves established by our board of directors for the
proper conduct of our business.
|
|
None.
|
|
None.
|
|
|
Exhibit
No.
|
Exhibit
Title
|
Incorporated
by Reference to the Following
|
||
3.1
|
Certificate
of Formation of Vanguard Natural Resources, LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
3.2
|
Second
Amended and Restated Limited Liability Company Agreement of Vanguard
Natural Resources, LLC (including specimen unit certificate for the
units)
|
Form
8-K, filed November 2, 2007 (File No. 001-33756)
|
||
10.1
|
Vanguard
Natural Resources, LLC Long-Term Incentive Plan
|
Form
8-K, filed October 24, 2007 (File No. 001-33756)
|
||
10.2
|
Form of
Vanguard Natural Resources, LLC Long-Term Incentive Plan Phantom Options
Grant Agreement
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.3
|
Vanguard
Natural Resources, LLC Class B Unit Plan
|
Form
8-K, filed October 24, 2007 (File No. 001-33756)
|
||
10.4
|
Form of
Vanguard Natural Resources, LLC Class B Unit Plan Restricted
Class B Unit Grant
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.5
|
Management
Services Agreement, effective January 5, 2007, by and between Vinland
Energy Operations, LLC, Vanguard Natural Gas, LLC, Trust Energy Company,
LLC and Ariana Energy, LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.6
|
Participation
Agreement, effective January 5, 2007, by and between Vinland Energy
Eastern, LLC, Vanguard Natural Gas, LLC, Trust Energy Company, LLC and
Ariana Energy, LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.7
|
Gathering
and Compression Agreement, effective January 5, 2007, by and between
Vinland Energy Gathering, LLC, Vinland Energy Eastern, LLC, Vanguard
Natural Gas, LLC and Ariana Energy, LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.8
|
Gathering
and Compression Agreement, effective January 5, 2007, by and between
Vinland Energy Gathering, LLC, Vinland Energy Eastern, LLC, Vanguard
Natural Gas, LLC and Trust Energy Company
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.9
|
Gathering
and Compression Agreement, effective January 5, 2007, by and between
Vinland Energy Gathering, LLC and Nami Resources Company,
L.L.C.
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.10
|
Well
Services Agreement, effective January 5, 2007, by and between Vinland
Energy Operations, LLC, Vanguard Natural Gas, LLC and Ariana Energy,
LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.11
|
Well
Services Agreement, effective January 5, 2007, by and between Vinland
Energy Operations, LLC, Vanguard Natural Gas, LLC and Trust Energy
Company, LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.12
|
Well
Services Agreement, effective January 5, 2007, by and between Vinland
Energy Operations, LLC and Nami Resources Company, L.L.C.
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.13
|
Amended
and Restated Operating Agreement by and between Vinland Energy Operations,
LLC, Vinland Energy Eastern, LLC and Ariana Energy, LLC, dated October 2,
2007 and effective as of January 5, 2007
|
Form
S-1/A, filed October 22, 2007 (File No. 333-142363)
|
||
10.14
|
Operating
Agreement, effective January 5, 2007, by and between Vinland Energy
Operations, LLC, Vinland Energy Eastern, LLC and Trust Energy Company,
LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.15
|
Amended
and Restated Indemnity Agreement by and between Nami Resources Company,
L.L.C., Vinland Energy Eastern, LLC, Trust Energy Company, LLC, Vanguard
Natural Gas, LLC and Vanguard Natural Resources, LLC, dated September 11,
2007
|
Form
S-1/A, filed September 18, 2007 (File No. 333-142363)
|
||
10.16
|
Revenue
Payment Agreement by and between Nami Resources Company, L.L.C. and Trust
Energy Company, dated April 18, 2007 and effective as of January 5,
2007
|
Form
S-1/A, filed August 21, 2007 (File No. 333-142363)
|
||
10.17
|
Gas
Supply Agreement, dated April 18, 2007, by and between Nami Resources
Company, L.L.C. and Trust Energy Company
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.18
|
Amended
Employment Agreement, dated April 18, 2007, by and between Scott W.
Smith, VNR Holdings, LLC and Vanguard Natural Resources,
LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.19
|
Amended
Employment Agreement, dated April 18, 2007, by and between Richard A.
Robert, VNR Holdings, LLC and Vanguard Natural Resources,
LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.20
|
Registration
Rights Agreement, dated April 18, 2007, between Vanguard Natural
Resources, LLC and the private investors named therein
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.21
|
Purchase
Agreement, dated April 18, 2007, between Vanguard Natural Resources,
LLC, Majeed S. Nami and the private investors named
therein
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.22
|
Omnibus
Agreement, dated October 29, 2007, among Majeed S. Nami, Vanguard Natural
Resources, LLC, Vanguard Natural Gas, LLC, Ariana Energy, LLC and Trust
Energy Company, LLC.
|
Form
8-K, filed November 2, 2007 (File No. 001-33756)
|
||
10.23
|
Employment
Agreement, dated May 15, 2007, by and between Britt Pence, VNR Holdings,
LLC and Vanguard Natural Resources, LLC
|
Form
S-1/A, filed July 5, 2007 (File No. 333-142363)
|
||
10.24
|
Natural
Gas Contract, dated May 26, 2003, between Nami Resources Company,
Inc. and Osram Sylvania Products, Inc.
|
Form
S-1/A, filed August 21, 2007 (File No. 333-142363)
|
||
10.25
|
Natural
Gas Purchase Contract, dated December 16, 2004, between Nami
Resources Company, LLC and Dominion Field Services, Inc.
|
Form
S-1/A, filed August 21, 2007 (File No. 333-142363)
|
||
10.26
|
Natural
Gas Purchase Contract, dated December 28, 2004, between Nami
Resources Company, LLC and Dominion Field Services, Inc.
|
Form
S-1/A, filed August 21, 2007 (File No. 333-142363)
|
||
10.27
|
Director
Compensation Agreement
|
Form
S-1/A, filed September 18, 2007 (File No. 333-142363)
|
||
10.28
|
Purchase
and Sale Agreement, dated December 21, 2007, among Vanguard Permian, LLC
and Apache Corporation
|
Form
8-K/A, filed February 13, 2008 (File No. 001-33756)
|
||
10.29
|
Amended
Purchase and Sale Agreement, dated January 31, 2008, among Vanguard
Permian, LLC and Apache Corporation
|
Form
8-K/A, filed February 4, 2008 (File No. 001-33756)
|
||
10.30
|
Amended
and Restated Credit Agreement, dated February 14, 2008, by and between
Nami Holding Company, LLC, Citibank, N.A., as administrative agent and L/C
issuer and the lenders party thereto
|
Previously
filed with our Form 10-K on March 31, 2008
|
||
10.31
|
Purchase
and Sale Agreement, dated July 18, 2008, among Vanguard Permian, LLC and
Segundo Navarro Drilling, Ltd.
|
Form
8-K, filed July 21, 2008 (File No. 001-33756)
|
||
10.32
|
Form
of Indemnity Agreement dated August 7, 2008
|
Previously
filed with our Quarterly report on Form 10-Q on August 13,
2008
|
||
10.33
|
Second
Amendment to First Amended and Restated Credit Agreement, dated October
22, 2008, by and between Vanguard Natural Gas, LLC, Compass Bank, as
lender, and Citibank, N.A., as administrative agent
|
Previously
filed with our Quarterly report on Form 10-Q on November 14,
2008
|
||
10.34
|
First
Amendment to First Amended and Restated Credit Agreement, dated May 15,
2008, by and between Vanguard Natural Gas, LLC, lenders party thereto, and
Citibank, N.A., as administrative agent
|
Previously
filed with our Form 10-K on March 11, 2009
|
||
10.35
|
Third
Amendment to First Amended and Restated Credit Agreement, dated February
18, 2009, by and between Vanguard Natural Gas, LLC, lenders party thereto,
and Citibank, N.A., as administrative agent
|
Previously
filed with our Form 10-K on March 11, 2009
|
||
10.36 |
First
Amendment to Gathering and Compression Agreement, dated May 8, 2009,
effective March 1, 2009, by and between Vinland Energy Gathering,
LLC, Vinland Energy Eastern, LLC, Vanguard Natural Gas, LLC and Trust
Energy Company
|
Filed herewith | ||
10.37 |
First
Amendment to Management Services Agreement, dated May 8, 2009, effective
March 1, 2009, by and between Vinland Energy Operations, LLC,
Vanguard Natural Gas, LLC, Trust Energy Company, LLC and Ariana Energy,
LLC
|
Filed
herewith
|
||
31.1
|
Certification
of Chief Executive Officer Pursuant to Rule 13a — 14 of the
Securities and Exchange Act of 1934, as Adopted Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed
herewith
|
||
31.2
|
Certification
of Chief Financial Officer Pursuant to Rule 13a — 14 of the
Securities and Exchange Act of 1934, as Adopted Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed
herewith
|
||
32.1
|
Certification
of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350,
as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
Filed
herewith
|
||
32.2
|
Certification
of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350,
as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
Filed
herewith
|
|
|
VANGUARD
NATURAL RESOURCES, LLC
|
|
(Registrant)
|
|
Date:
May 11, 2009
|
|
/s/ Richard
A. Robert
|
|
Richard
A. Robert
|
|
Executive
Vice President and
|
|
Chief
Financial Officer
|
|
(Principal
Financial Officer and Principal Accounting
Officer)
|
Exhibit
No.
|
Exhibit
Title
|
Incorporated
by Reference to the Following
|
||
3.1
|
Certificate
of Formation of Vanguard Natural Resources, LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
3.2
|
Second
Amended and Restated Limited Liability Company Agreement of Vanguard
Natural Resources, LLC (including specimen unit certificate for the
units)
|
Form
8-K, filed November 2, 2007 (File No. 001-33756)
|
||
10.1
|
Vanguard
Natural Resources, LLC Long-Term Incentive Plan
|
Form
8-K, filed October 24, 2007 (File No. 001-33756)
|
||
10.2
|
Form of
Vanguard Natural Resources, LLC Long-Term Incentive Plan Phantom Options
Grant Agreement
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.3
|
Vanguard
Natural Resources, LLC Class B Unit Plan
|
Form
8-K, filed October 24, 2007 (File No. 001-33756)
|
||
10.4
|
Form of
Vanguard Natural Resources, LLC Class B Unit Plan Restricted
Class B Unit Grant
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.5
|
Management
Services Agreement, effective January 5, 2007, by and between Vinland
Energy Operations, LLC, Vanguard Natural Gas, LLC, Trust Energy Company,
LLC and Ariana Energy, LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.6
|
Participation
Agreement, effective January 5, 2007, by and between Vinland Energy
Eastern, LLC, Vanguard Natural Gas, LLC, Trust Energy Company, LLC and
Ariana Energy, LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.7
|
Gathering
and Compression Agreement, effective January 5, 2007, by and between
Vinland Energy Gathering, LLC, Vinland Energy Eastern, LLC, Vanguard
Natural Gas, LLC and Ariana Energy, LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.8
|
Gathering
and Compression Agreement, effective January 5, 2007, by and between
Vinland Energy Gathering, LLC, Vinland Energy Eastern, LLC, Vanguard
Natural Gas, LLC and Trust Energy Company
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.9
|
Gathering
and Compression Agreement, effective January 5, 2007, by and between
Vinland Energy Gathering, LLC and Nami Resources Company,
L.L.C.
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.10
|
Well
Services Agreement, effective January 5, 2007, by and between Vinland
Energy Operations, LLC, Vanguard Natural Gas, LLC and Ariana Energy,
LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.11
|
Well
Services Agreement, effective January 5, 2007, by and between Vinland
Energy Operations, LLC, Vanguard Natural Gas, LLC and Trust Energy
Company, LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.12
|
Well
Services Agreement, effective January 5, 2007, by and between Vinland
Energy Operations, LLC and Nami Resources Company, L.L.C.
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.13
|
Amended
and Restated Operating Agreement by and between Vinland Energy Operations,
LLC, Vinland Energy Eastern, LLC and Ariana Energy, LLC, dated October 2,
2007 and effective as of January 5, 2007
|
Form
S-1/A, filed October 22, 2007 (File No. 333-142363)
|
||
10.14
|
Operating
Agreement, effective January 5, 2007, by and between Vinland Energy
Operations, LLC, Vinland Energy Eastern, LLC and Trust Energy Company,
LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.15
|
Amended
and Restated Indemnity Agreement by and between Nami Resources Company,
L.L.C., Vinland Energy Eastern, LLC, Trust Energy Company, LLC, Vanguard
Natural Gas, LLC and Vanguard Natural Resources, LLC, dated September 11,
2007
|
Form
S-1/A, filed September 18, 2007 (File No. 333-142363)
|
||
10.16
|
Revenue
Payment Agreement by and between Nami Resources Company, L.L.C. and Trust
Energy Company, dated April 18, 2007 and effective as of January 5,
2007
|
Form
S-1/A, filed August 21, 2007 (File No. 333-142363)
|
||
10.17
|
Gas
Supply Agreement, dated April 18, 2007, by and between Nami Resources
Company, L.L.C. and Trust Energy Company
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.18
|
Amended
Employment Agreement, dated April 18, 2007, by and between Scott W.
Smith, VNR Holdings, LLC and Vanguard Natural Resources,
LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.19
|
Amended
Employment Agreement, dated April 18, 2007, by and between Richard A.
Robert, VNR Holdings, LLC and Vanguard Natural Resources,
LLC
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.20
|
Registration
Rights Agreement, dated April 18, 2007, between Vanguard Natural
Resources, LLC and the private investors named therein
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.21
|
Purchase
Agreement, dated April 18, 2007, between Vanguard Natural Resources,
LLC, Majeed S. Nami and the private investors named
therein
|
Form
S-1/A, filed April 25, 2007 (File No. 333-142363)
|
||
10.22
|
Omnibus
Agreement, dated October 29, 2007, among Majeed S. Nami, Vanguard Natural
Resources, LLC, Vanguard Natural Gas, LLC, Ariana Energy, LLC and Trust
Energy Company, LLC.
|
Form
8-K, filed November 2, 2007 (File No. 001-33756)
|
||
10.23
|
Employment
Agreement, dated May 15, 2007, by and between Britt Pence, VNR Holdings,
LLC and Vanguard Natural Resources, LLC
|
Form
S-1/A, filed July 5, 2007 (File No. 333-142363)
|
||
10.24
|
Natural
Gas Contract, dated May 26, 2003, between Nami Resources Company,
Inc. and Osram Sylvania Products, Inc.
|
Form
S-1/A, filed August 21, 2007 (File No. 333-142363)
|
||
10.25
|
Natural
Gas Purchase Contract, dated December 16, 2004, between Nami
Resources Company, LLC and Dominion Field Services, Inc.
|
Form
S-1/A, filed August 21, 2007 (File No. 333-142363)
|
||
10.26
|
Natural
Gas Purchase Contract, dated December 28, 2004, between Nami
Resources Company, LLC and Dominion Field Services, Inc.
|
Form
S-1/A, filed August 21, 2007 (File No. 333-142363)
|
||
10.27
|
Director
Compensation Agreement
|
Form
S-1/A, filed September 18, 2007 (File No. 333-142363)
|
||
10.28
|
Purchase
and Sale Agreement, dated December 21, 2007, among Vanguard Permian, LLC
and Apache Corporation
|
Form
8-K/A, filed February 13, 2008 (File No. 001-33756)
|
||
10.29
|
Amended
Purchase and Sale Agreement, dated January 31, 2008, among Vanguard
Permian, LLC and Apache Corporation
|
Form
8-K/A, filed February 4, 2008 (File No. 001-33756)
|
||
10.30
|
Amended
and Restated Credit Agreement, dated February 14, 2008, by and between
Nami Holding Company, LLC, Citibank, N.A., as administrative agent and L/C
issuer and the lenders party thereto
|
Previously
filed with our Form 10-K on March 31, 2008
|
||
10.31
|
Purchase
and Sale Agreement, dated July 18, 2008, among Vanguard Permian, LLC and
Segundo Navarro Drilling, Ltd.
|
Form
8-K, filed July 21, 2008 (File No. 001-33756)
|
||
10.32
|
Form
of Indemnity Agreement dated August 7, 2008
|
Previously
filed with our Quarterly report on Form 10-Q on August 13,
2008
|
||
10.33
|
Second
Amendment to First Amended and Restated Credit Agreement, dated October
22, 2008, by and between Vanguard Natural Gas, LLC, Compass Bank, as
lender, and Citibank, N.A., as administrative agent
|
Previously
filed with our Quarterly report on Form 10-Q on November 14,
2008
|
||
10.34
|
First
Amendment to First Amended and Restated Credit Agreement, dated May 15,
2008, by and between Vanguard Natural Gas, LLC, lenders party thereto, and
Citibank, N.A., as administrative agent
|
Previously
filed with our Form 10-K on March 11, 2009
|
||
10.35
|
Third
Amendment to First Amended and Restated Credit Agreement, dated February
18, 2009, by and between Vanguard Natural Gas, LLC, lenders party thereto,
and Citibank, N.A., as administrative agent
|
Previously
filed with our Form 10-K on March 11, 2009
|
||
10.36 |
First Amendment to Gathering and Compression Agreement, dated May 8, 2009, effective March 1, 2009, by and between Vinland Energy Gathering, LLC, Vinland Energy Eastern, LLC, Vanguard Natural Gas, LLC and Trust Energy Company |
Filed
herewith |
||
10.37 |
First
Amendment to Management Services Agreement, dated May 8, 2009, effective
March 1, 2009, by and between Vinland Energy Operations, LLC,
Vanguard Natural Gas, LLC, Trust Energy Company, LLC and Ariana Energy,
LLC
|
Filed
herewith |
||
31.1
|
Certification
of Chief Executive Officer Pursuant to Rule 13a — 14 of the
Securities and Exchange Act of 1934, as Adopted Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed
herewith
|
||
31.2
|
Certification
of Chief Financial Officer Pursuant to Rule 13a — 14 of the
Securities and Exchange Act of 1934, as Adopted Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed
herewith
|
||
32.1
|
Certification
of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350,
as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
Filed
herewith
|
||
32.2
|
Certification
of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350,
as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
Filed
herewith
|