Vanguard Natural Resources LLC | 7.75% Series C Cumulative Redeemable Perpetual Preferred Units (VNRCP)
Prospectus excerpt: Distributions on the Series C Preferred Units are cumulative from the date of original issue and will be payable monthly in arrears on the 15th day of each month of each year, when, as and if declared by our board of directors. The initial distribution on the Series C Preferred Units will be payable on November 15, 2014 in an amount equal to $0.32292 per unit. Distributions on the Series C Preferred Units will be payable out of amounts legally available therefor at an initial rate equal to 7.75% per annum of the stated liquidation preference.
Vanguard Natural Resources is engaged the acquisition and development of oil and natural gas properties. At Dec 31 2015, Co. owned the following properties and oil and natural gas reserves: the Green River Basin in Wyoming; the Permian Basin in West Texas and New Mexico; the Gulf Coast Basin in Texas, Louisiana, Mississippi and Alabama; the Anadarko Basin in Oklahoma and Texas; the Piceance Basin in Colorado; the Big Horn Basin in Wyoming and Montana; the Arkoma Basin in Arkansas and Oklahoma; the Williston Basin in North Dakota and Montana; the Wind River Basin in Wyoming; and the Powder River Basin in Wyoming. At Dec 31 2015, Co.'s total estimated net proved reserves were 2,288.9 Bcfe.