VNR's Budding Opportunities

MICHAEL BLUM, Wells Fargo (12/09/2010)
"Third-party acquisition opportunities could be delineated between VNR and ENP based on geographical exposure. For example, acquisition opportunities in and around ENP's footprint (e.g. the Rockies) will likely be targeted by ENP. Management indicated that VNR should be able to cover its current distribution even after higher priced hedges expire in 2012 based on expected accretion from the pending ENP acquisition and current NYMEX strip pricing. That said, the partnership intends to actively pursue third party acquisition opportunities and continue its pattern of distribution growth."

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