Vanguard Natural Resources Inc. said Sept. 13 it exited Arkansas with the sell of its Arkoma Basin properties plus sold Denver-Julesburg (D-J) assets in two deals worth about $14.5 million.

For the Arkoma transaction, an undisclosed company agreed to acquire operated and nonop working interest with current production of about 8 million cubic feet per day of natural gas. The Arkoma properties comprise all of Vanguard’s interest in Arkansas and the company expects to close the sale in early fourth-quarter 2018.

In the D-J Basin, Vanguard said it closed the divestment of five producing wells and associated undeveloped acreage in Weld County, Colo., to an undisclosed buyer.

Vanguard also continued to progress other noncore asset sales with the launch this week of its Greater East Haynesville divestment package, the company said Sept. 13.

RELATED: Sanguine Enters Arkoma Basin Following Purchase From Vanguard

The company’s divestitures are part of a plan Vanguard announced following its exit from Chapter 11 bankruptcy in August 2017 to sell nearly 10% of its sprawling 774,000 net acres. The company’s assets spanned nearly every major basin in the Lower 48.

Net proceeds from the sale of these properties will be used to further reduce debt under Vanguard’s revolving credit facility, according to the company press release.

Vanguard has engaged RBC Richardson Barr to assist with the Haynesville transaction. The properties include operated and nonoperated working interests, with current production of about 2,500 barrels of oil equivalent per day and associated development rights in East Texas and North Louisiana.

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