Vanguard Natural Resources, Inc. filed a joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on April 30, 2019. As per the plan filed, Administrative Claims, and Professional Fee Claims will receive in full and final satisfaction of its claim amount of cash equal to the amount of such Allowed Claim. Priority Tax Claims shall receive cash in an amount equal to such allowed Claim on the later of the effective date. DIP Facility Claims of $130 million shall receive its pro rata share of participation in the Exit RBL/Term Loan a Facility and all commitments under the DIP Credit Agreement shall terminate. Other Secured Claims shall receive payment in full in cash. Revolving Credit Facility Claims and Secured Swap Claims of $725.20 million shall receive payment in a new term loan lending facility in the aggregate amount of $350 million less the aggregate amount of the Exit Term Loan A Facility (the “Exit Term Loan B Facility,” and together with the Exit RBL/Term Loan A Facility, the “Exit Facilities”); (ii) at least 86.1% of the new series of class A convertible preferred stock to be issued by Reorganized Vanguard on the Effective Date (the “New Preferred Equity Class A Stock”), subject to the elections of holders of Class 4 Allowed Term Loan Claims as set forth below; and (iii) 75% or 89% of the new common stock of Reorganized Vanguard (the “New Common Stock”), depending on whether Class 5 votes to accept or reject the Plan, and subject to dilution on account of the Management Incentive Plan if any. Term Loan Claims of $126 million shall receive payment to each holder of an allowed claim on pro rata share of and interest in either: Preferred A Option or Preferred B Option; and 10 percent of the New Common Stock, subject to dilution on account of the Management Incentive Plan if any. Senior Notes Claims of $82 million shall receive payment to each holder of an allowed claim on pro rata share of and interest in either: if Class 5 votes to accept the Plan, 15 percent of the New Common Stock, subject to dilution on account of the Management Incentive Plan if any; or if Class 5 votes to reject the Plan, 1 percent of the New Common Stock, subject to dilution on account of the Management Incentive Plan if any. General Unsecured Claims such claim has not already been paid in full during the Chapter 11 Cases, in full and final satisfaction, settlement, release, and discharge of, and in exchange for each allowed General Unsecured Claim, on the Effective Date each holder thereof will receive such treatment as is acceptable to the Debtors. Intercompany Claims shall be, at the option of the Debtors, the Required Consenting Revolver Lenders, and the DIP Agent, either reinstated, canceled or released without any distribution. Intercompany Interests shall be, at the option of the Debtors, the Required Consenting Revolver Lenders, and the DIP Agent, either reinstated, canceled and released without any distribution, or otherwise addressed at such parties’ discretion. Existing Equity Interests and Section 510(b) Claims will be canceled, released, and extinguished, and will be of no further force or effect. The plan shall be funded through cash in hand, sale of assets, issuance of the New Preferred Stock, the New Common Stock, and the Exit Facilities.