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Vanguard Natural Resources' CEO Discusses Q1 2012 Results - Earnings Call Transcript

This information was also provided in this morning's earnings release. Please note the information reported on this call speaks only as of today May 2nd, 2012, and therefore you are advised that time sensitive information may no longer be accurate as of the time of any replay.

Before we get started, please note that some of the comments today could be considered forward-looking statements and are based on certain assumptions and expectations of management. For a detailed list of all the Risk Factors associated with our business, please refer to our 10-Q that will be filed later this week and will be available on our website under the Investor Relations tab and on EDGAR.

Also on the Investor Relations tab of our website under "Presentation" you can find the Q1 earnings result supplemental presentation. As a remainder to you, our next record date for our quarterly cash distribution is May 8th, 2012, with a May 15th, 2012, payable date. Unitholders will receive $0.5925 for each unit held or $2.37 per unit on an annualized basis.

Now, I would like to turn the call over to Scott Smith, President and CEO of Vanguard Natural Resources, LLC.

Scott Smith

Thank you, Lisa, and thanks to everyone for joining us this morning on the call to review our results for the first quarter of 2012. Joining me are Richard Robert, our Executive Vice President and Chief Financial Officer; and Britt Pence our Senior Vice President, Operations.

This morning I'll start with a summary of our results for the quarter, briefly discuss what we have accomplished in the field, and then review capital spending and acquisition activity. Richard will then takeover the call for financial review and will open the line up for Q&A.

Before we get started, I want to remind everyone that because of the Appalachian Exchange closed on March the 30th, in accordance with GAAP Accounting Rules our reported results are consolidated with the full contribution of the Appalachian.

Now I'll provide a summary of the production and capital spending, which took place in the quarter. On a production basis our average daily production for the first quarter was 13,569 BOE per day, which is up 2% over the 13,273 barrels per day produced in the first quarter of 2011, and down slightly over the fourth quarter of 2011 production of 13,686 barrels per day. On a product basis, average daily production was just over 7600 barrels of oil, just over 1500 barrels of NGLs per day, and 26,684 MMcf per day.

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