Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 8 Key Information 8 Company Overview 8 Vanguard Natural Resources, LLC, Valuation and Financial Data 9 Vanguard Natural Resources, LLC, Share Price Performance 9 Share Price Performance, Q1, 2015-Q1, 2016 9 Vanguard Natural Resources, LLC, Key Valuation Metrics 10 Key Valuation Metrics, Q1, 2015-Q1, 2016 10 Vanguard Natural Resources, LLC, Quarterly Results of Oil & Gas Operations Per boe Produced 11 Results of Oil & Gas Operations Per boe Produced, Q1, 2015-Q1, 2016 11 Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2015-Q1, 2016 12 Vanguard Natural Resources, LLC, Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 13 Vanguard Natural Resources, LLC, Quarterly Production Trends 14 Vanguard Natural Resources, LLC, Total Oil and Gas Production 14 Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 14 Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 15 Vanguard Natural Resources, LLC, Crude Oil Production 16 Total Crude Oil Production Trend, Q1, 2015-Q1, 2016 16 Crude Oil Production, By Country/Region, Q1, 2015-Q1, 2016 17 Vanguard Natural Resources, LLC, Natural Gas Production 18 Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 18 Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 19 Vanguard Natural Resources, LLC, Valuation and Financial Data, 2011-2015 20 Vanguard Natural Resources, LLC, Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 Vanguard Natural Resources, LLC, Production and Reserves Trends 22 Total Oil and Gas, Reserves and Production 22 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26 Crude Oil/Liquids Production and Reserve 27 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27 Crude Oil Production and Reserves By Country/Region, 2011-2015 28 Crude Oil/Liquids Reserve Changes, 2011-2015 30 Natural Gas Production and Reserve 31 Natural Gas Production and Reserve Trend, 2011-2015 31 Natural Gas Production and Reserves, By Country/Region, 2011-2015 32 Natural Gas Reserve Changes, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index 35 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36 Vanguard Natural Resources, LLC, E&P Costs Trends 38 Allocation of the Upstream Capital Expenditure 38 Upstream Capital Expenditure, 2011-2015 38 Acquisition Costs By Country/Region, 2011-2015 39 Exploration and Development Costs, By Country/Region, 2011-2015 40 Oil and Gas Cost Per boe, US$/boe 41 Oil and Gas Cost Per boe, US$/boe, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 42 Vanguard Natural Resources, LLC, Reserve Replacement Ratio 44 Oil and Gas Production Replacement Ratio 44 Oil and Gas Production Replacement Ratio, 2011-2015 44 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 46 Vanguard Natural Resources, LLC, Results of Oil & Gas Operations Trend 50 Oil and Gas Revenue and Expenses 50 Oil and Gas Revenue and Expenses, 2011-2015 50 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 51 Oil and Gas Revenue and Expenses, Per boe 55 Oil and Gas Revenue and Expenses, By boe, 2011-2015 55 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 56 Oil and Gas Performance Metrics 59 Vanguard Natural Resources, LLC, Land Holdings and Well Data 60 Developed and Undeveloped Acreage 60 Gross and Net Developed and Undeveloped Acreage, 2011-2015 60 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 61 Well Statistics 64 Producible Oil and Gas Well, 2011-2015 64 Producible Oil and Gas Well, By Country/Region, 2011-2015 65 Exploration and Development Wells Drilled, 2011-2015 69 Recent Developments 70 Vanguard Natural Resources, LLC - Recent Developments 70 Jul 27, 2016: Vanguard Natural Resources Reports Second Quarter 2016 Results 70 May 26, 2016: Vanguard Natural Resources Announces Amendment To Credit Facility And Results Of Borrowing Base Redetermination 72 May 19, 2016: Vanguard Natural Resources Announces Closing Of Scoop/stack Asset Sale In Oklahoma And Provides Updated 2016 Outlook 73 Mar 04, 2016: Vanguard Natural Resources Reports Fourth Quarter And Full Year 2015 Operating And Financial Results, 2016 Outlook And Suspension Of Common And Preferred Distributions 73 Nov 09, 2015: Vanguard Natural Resources Reports Third Quarter 2015 Results 77 Sep 11, 2015: Boardwalk Pipeline, Columbia Pipeline, And Vanguard Natural Resources To Join The Alerian MLP Index And Alerian MLP Equal Weight Index 81 Sep 02, 2015: The Law Office Of Robbins Arroyo Announces That It Has Filed A Class Action Lawsuit Against LRR Energy (LRE) 82 Aug 03, 2015: Vanguard Natural Resources Reports Second Quarter 2015 Results 82 May 01, 2015: Vanguard Natural Resources Reports First Quarter 2015 Results 85 Apr 21, 2015: Brodsky & Smith Announces Investigation Of The Board Of Directors Of LRR Energy 87 Appendix 89 Methodology 89 Coverage 89 Secondary Research 89 Primary Research 89 Data Information Sources 90 Company Source 90 SEC/Other Regulatory Filings 90 Other Sources 90 Expert Panel Validation 90 Data Definition 90 Oil and Gas Reserves 90 Units of Measure 91 About GlobalData 91 Disclosure 91 Disclaimer 91

List of Tables Table 1: Vanguard Natural Resources, LLC, Key Facts 8 Table 2: Vanguard Natural Resources, LLC, Share Price Performance, Q1, 2015-Q1, 2016 9 Table 3: Vanguard Natural Resources, LLC, Key Valuation Metrics, Q1, 2015-Q1, 2016 10 Table 4: Vanguard Natural Resources, LLC, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 11 Table 5: Vanguard Natural Resources, LLC, Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 12 Table 6: Vanguard Natural Resources, LLC, Upstream Capital Expenditure, Q1, 2015-Q1, 2016 13 Table 7: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 14 Table 8: Vanguard Natural Resources, LLC, Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 15 Table 9: Vanguard Natural Resources, LLC, Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 16 Table 10: Vanguard Natural Resources, LLC, Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 17 Table 11: Vanguard Natural Resources, LLC, Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 18 Table 12: Vanguard Natural Resources, LLC, Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 19 Table 13: Vanguard Natural Resources, LLC, Share Price Performance, 2011-2015 20 Table 14: Vanguard Natural Resources, LLC, Key Valuation Metrics, 2011-2015 21 Table 15: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Table 16: Vanguard Natural Resources, LLC, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25 Table 17: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26 Table 18: Vanguard Natural Resources, LLC, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Table 19: Vanguard Natural Resources, LLC, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29 Table 20: Vanguard Natural Resources, LLC, Crude Oil Reserve Changes, mmbbl, 2011-2015 30 Table 21: Vanguard Natural Resources, LLC, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Table 22: Vanguard Natural Resources, LLC, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33 Table 23: Vanguard Natural Resources, LLC, Natural Gas Reserve Changes, bcf, 2011-2015 34 Table 24: Vanguard Natural Resources, LLC, Oil and Gas Reserves Life Index, Years, 2011-2015 35 Table 25: Vanguard Natural Resources, LLC, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37 Table 26: Vanguard Natural Resources, LLC, Upstream Capital Expenditure, US$ mil, 2011-2015 38 Table 27: Vanguard Natural Resources, LLC, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Table 28: Vanguard Natural Resources, LLC, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 40 Table 29: Vanguard Natural Resources, LLC, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 41 Table 30: Vanguard Natural Resources, LLC, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 43 Table 31: Vanguard Natural Resources, LLC, Oil and Gas Production Replacement Ratio, %, 2011-2015 45 Table 32: Vanguard Natural Resources, LLC, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 49 Table 33: Vanguard Natural Resources, LLC, Revenue and Expenses, US$ mil, 2011-2015 50 Table 34: Vanguard Natural Resources, LLC, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 54 Table 35: Vanguard Natural Resources, LLC, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 55 Table 36: Vanguard Natural Resources, LLC, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 58 Table 37: Vanguard Natural Resources, LLC, Oil and Gas Performance Metrics, 2011-2015 59 Table 38: Vanguard Natural Resources, LLC, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 60 Table 39: Vanguard Natural Resources, LLC, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 63 Table 40: Vanguard Natural Resources, LLC, Producible Oil and Gas Wells, 2011-2015 64 Table 41: Vanguard Natural Resources, LLC, Producible Oil and Gas Wells, By Country/Region, 2011-2015 68 Table 42: Vanguard Natural Resources, LLC, Exploratory and Developed Wells, 2011-2015 69 List of Figures Figure 1: Vanguard Natural Resources, LLC, Share Price Performance, USD/Share, Q1, 2015-Q1, 2016 9 Figure 2: Vanguard Natural Resources, LLC, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 10 Figure 3: Vanguard Natural Resources, LLC, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 11 Figure 4: Vanguard Natural Resources, LLC, Upstream Capital Expenditure, US$ mil, Q1, 2015-Q1, 2016 13 Figure 5: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 14 Figure 6: Vanguard Natural Resources, LLC, Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 15 Figure 7: Vanguard Natural Resources, LLC, Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 16 Figure 8: Vanguard Natural Resources, LLC, Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 17 Figure 9: Vanguard Natural Resources, LLC, Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 18 Figure 10: Vanguard Natural Resources, LLC, Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 19 Figure 11: Vanguard Natural Resources, LLC, Share Price Performance, USD/Share, 2011-2015 20 Figure 12: Vanguard Natural Resources, LLC, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21 Figure 13: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Figure 14: Vanguard Natural Resources, LLC, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24 Figure 15: Vanguard Natural Resources, LLC, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24 Figure 16: Vanguard Natural Resources, LLC, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26 Figure 17: Vanguard Natural Resources, LLC, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Figure 18: Vanguard Natural Resources, LLC, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28 Figure 19: Vanguard Natural Resources, LLC, Oil Production, By Country/Region, mmbbl, 2011-2015 28 Figure 20: Vanguard Natural Resources, LLC, Crude Oil Reserve Changes, mmbbl, 2015 30 Figure 21: Vanguard Natural Resources, LLC, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Figure 22: Vanguard Natural Resources, LLC, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32 Figure 23: Vanguard Natural Resources, LLC, Gas Production, By Country/Region, bcf, 2011-2015 32 Figure 24: Vanguard Natural Resources, LLC, Natural Gas Reserve Changes, bcf, 2015 34 Figure 25: Vanguard Natural Resources, LLC, Oil and Gas Reserves Life Index, Years, 2011-2015 35 Figure 26: Vanguard Natural Resources, LLC, Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 27: Vanguard Natural Resources, LLC, Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 28: Vanguard Natural Resources, LLC, Oil Reserve Life Index, By Country/Region, Years, 2011-2015 37 Figure 29: Vanguard Natural Resources, LLC, Development Costs, By Country/Region, US$ mil, 2011-2015 40 Figure 30: Vanguard Natural Resources, LLC, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 41 Figure 31: Vanguard Natural Resources, LLC, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 42 Figure 32: Vanguard Natural Resources, LLC, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 42 Figure 33: Vanguard Natural Resources, LLC, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 44 Figure 34: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 46 Figure 35: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 46 Figure 36: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 47 Figure 37: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 47 Figure 38: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 48 Figure 39: Vanguard Natural Resources, LLC, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 48 Figure 40: Vanguard Natural Resources, LLC, Revenue and Expenses, US$ mil, 2011-2015 50 Figure 41: Vanguard Natural Resources, LLC, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 51 Figure 42: Vanguard Natural Resources, LLC, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 51 Figure 43: Vanguard Natural Resources, LLC, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 52 Figure 44: Vanguard Natural Resources, LLC, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 52 Figure 45: Vanguard Natural Resources, LLC, Production Costs, By Country/Region, US$ mil, 2011-2015 53 Figure 46: Vanguard Natural Resources, LLC, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 53 Figure 47: Vanguard Natural Resources, LLC, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 55 Figure 48: Vanguard Natural Resources, LLC, Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 56 Figure 49: Vanguard Natural Resources, LLC, Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 56 Figure 50: Vanguard Natural Resources, LLC, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 57 Figure 51: Vanguard Natural Resources, LLC, Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 57 Figure 52: Vanguard Natural Resources, LLC, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 58 Figure 53: Vanguard Natural Resources, LLC, Oil and Gas Performance Metrics, 2011-2015 59 Figure 54: Vanguard Natural Resources, LLC, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 60 Figure 55: Vanguard Natural Resources, LLC, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 61 Figure 56: Vanguard Natural Resources, LLC, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 61 Figure 57: Vanguard Natural Resources, LLC, Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 62 Figure 58: Vanguard Natural Resources, LLC, Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 62 Figure 59: Vanguard Natural Resources, LLC, Producible Oil and Gas Wells, 2011-2015 64 Figure 60: Vanguard Natural Resources, LLC, Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 65 Figure 61: Vanguard Natural Resources, LLC, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 65 Figure 62: Vanguard Natural Resources, LLC, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 66 Figure 63: Vanguard Natural Resources, LLC, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 66 Figure 64: Vanguard Natural Resources, LLC, Net Productive Gas Wells, By Country/Region, Number, 2011-2015 67 Figure 65: Vanguard Natural Resources, LLC, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 67 Figure 66: Vanguard Natural Resources, LLC, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 68 Figure 67: Vanguard Natural Resources, LLC, Exploratory and Developed Wells, 2011-2015 69