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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Saturday, September 23, 2017, Vol. 21, No. 265

                            Headlines

VANGUARD NATURAL: Net Loss Decreases to $27.99 Million in July

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VANGUARD NATURAL: Net Loss Decreases to $27.99 Million in July
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Vanguard Natural Resources, LLC, et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for July 2017.

The Debtors' statement of operations showed a net loss of $27.99
million on revenues of $27.11 million for the month, as compared to
$45.43 million net loss recorded for June.

As of July 31, 2017, the Debtors recorded total assets of $1.26
billion, total liabilities of $2.25 billion, and total
shareholders' equity of -$990.32 million.

The Debtors started the month with $168.06 million cash.  They
listed total cash receipts of $67.57 million and total
disbursements of $64.43 million.  Disbursements include $2.21
million in Professional Fees.  At month end, the Debtors had
$171.20 million cash.

A copy of the monthly operating report is available at the SEC at:

                    http://bit.ly/2x1v7RY     

               About Vanguard Natural Resources

Vanguard Natural Resources, LLC (OTC: VNRSQ) --
http://www.vnrllc.com/-- is a publicly traded limited liability
company focused on the acquisition, production and development of
oil and natural gas properties.  Vanguard's assets consist
primarily of producing and non-producing oil and natural gas
reserves located in 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 North 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.

Vanguard Natural Resources, LLC, and certain subsidiaries filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Tex. Lead Case No. 17-30560) on Feb. 2,  2017.
The Chapter 11 cases are assigned to the Hon. Judge Marvin Isgur.

The Debtors listed total assets of $1.54 billion and total debt of
$2.3 billion as of Feb. 1, 2017.

Paul Hastings LLP is serving as legal counsel and Evercore Partners
is acting as financial advisor to Vanguard.  Opportune LLP is the
Company's restructuring advisor.  Prime Clerk LLC is serving as
claims and noticing agent.

Judy R. Robbins, the U.S. Trustee for Region 7, on Feb. 14, 2017,
appointed three creditors to serve on the official committee of
unsecured creditors appointed in the Debtor's case.  The Committee
hired Akin Gump Strauss Hauer & Feld LLP as counsel and FTI
Consulting, Inc., as financial advisor.

The Company on March 16, 2017, filed a motion with the Bankruptcy
Court disclosing a Stipulation and Agreed Order entered into on
March 15, 2017, by and between the Debtors and certain
Unaffiliated holders of its Preferred Units and common units
pursuant to which the Debtors and the Ad Hoc Equity Committee
agreed, among other things, that professionals for the Ad Hoc
Equity Committee would be funded by the Debtors' estates for
services performed within a defined scope and subject to agreed
caps on fees and expenses as described in the Stipulation and
Agreed Order.

Counsel to the Ad Hoc Equity Committee are Sharon M. Beausoleil,
Esq., Alexander Chae, Esq., and Holland N. O'Neil, Esq., at
Gardere Wynne Sewell LLP.

Attorneys for Citibank, N.A, as administrative agent under the
Third Amended and Restated Credit Agreement, dated as of Sept. 30,
2011, are Chris Lopez, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil Gotshal & Manges LLP.


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
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Copyright 2017.  All rights reserved.  ISSN: 1520-9474.

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