During 2018, Vanguard completed the sale of certain oil and natural gas properties in the Permian basin, the Green River basin and in Mississippi for an aggregate selling price of approximately $59.9 million, subject to customary post-closing adjustments. Additionally, the company incurred costs to sell of approximately $1.3 million. Since June 30, 2018, Vanguard have closed three additional divestitures for aggregate proceeds of $28.4 million, including their Potato Hills assets in the Arkoma Basin for gross proceeds of $22.9 million and interests in over 145 wells in multiple counties in Texas and Louisiana for gross proceeds of $5.5 million. Proceeds from the sales were used to reduce borrowings under the company's revolving credit facility.

Additionally, Vanguard are evaluating bids after publicly marketing their Arkoma basin properties in Arkansas, which comprise all of interests located within the state. The properties include operated and non-operated working interests, with current production of approximately 8 MMcfe per day, and associated development rights. The Company has also begun marketing on EnergyNet its ownership in five operated producing wells and related undeveloped acreage in the DJ Basin in Weld County.

Vanguard continue to progress other non-core asset sale processes and are actively preparing additional assets for divestment, including certain assets in the Midcontinent and the Gulf Coast areas. The sales of these properties are anticipated to further reduce debt under the Company’s revolving credit facility and sharpen the focus of the portfolio.

2018 Six Month Production Highlights:

Reported average production of 365 MMcfe per day in the first six months of 2018 represents a 4% decrease compared to 381 MMcfe per day during the same period in 2017. The production decrease was primarily attributable to divestitures completed during 2017 and 2018. On a Mcfe basis, crude oil, natural gas, and NGLs accounted for 15%, 71% and 14%, respectively, of our year to date June 30, 2018 production.