VNR's Advantages

RICHARD ROY, Citigroup Global Markets (08/25/2010)
"For those seeking capital appreciation, as well as long-term growth and income, we recommend investors to scale into positions over time and focus on our favorites, which [includes] Vanguard Natural Resources. . .Vanguard Natural Resources has a better cash flow neutral position in 2010. . .One advantage for VNR, however, is that with only 66% and 18% of production hedged in 2011 and 2012, respectively, the partnership should have additional opportunities to shore up its medium- to long-term coverage."

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