Leadership

EXECUTIVE MANAGEMENT

2_Scott Smith VNR

Scott W. Smith is our President, Chief Executive Officer and Director and has served in such capacities since October 2006 and as Director since March 2008. In 2011, Mr. Smith also served as the President and CEO of Encore Energy Partners LP (NYSE: ENP) until its merger completion with Vanguard on December 1, 2011. Prior to joining us, from July 2004 to October 2006, Mr. Smith served as President of Ensource Energy Company, LLC during its tender offer for the units of the Eastern American Natural Trust (NYSE:NGT). He has over 30 years of experience in the energy industry, primarily in business development, marketing, and acquisition and divestiture of producing assets and exploration/exploitation projects in the energy sector. Mr. Smith’s experience includes evaluating, structuring, negotiating and managing business and investment opportunities, including energy investments similar to our targeted investments totaling approximately $400 million as both board member and principal investor in Wiser Investment Company LLC, the largest shareholder in The Wiser Oil Company (NYSE:WZR) until its sale to Forest Oil Corporation (NYSE:FST) in June of 2004. From June 2000 to June 2004, Mr. Smith served on the board of directors of The Wiser Oil Company. Mr. Smith was also a member of the executive committee of The Wiser Oil Company. From January of 1998 to June of 1999, Mr. Smith was the co-manager of San Juan Partners, LLC, which established control of Burlington Resources Coal Seam Gas Trust (NYSE: BRU), which was subsequently sold to Dominion Resources, Inc. Mr. Smith obtained a Bachelor of Business Administration from the University of Texas at Austin.

3_Richard Robert VNR

Richard A. Robert is our Executive Vice President, Chief Financial Officer and Secretary and has served in such capacities since January of 2007. In June of 2014, Mr. Robert was also elected to our Board of Directors. In 2011, Mr. Robert also served as the EVP and CFO of Encore Energy Partners LP (NYSE: ENP) until its merger completion with VNR on December 1, 2011. Prior to joining us, Mr. Robert was involved in a number of entrepreneurial ventures and provided financial and strategic planning services to a variety of energy-related companies since 2003. He was Vice President of Finance for Enbridge US, Inc., a provider of mid-stream assets, after its acquisition of Midcoast Energy Resources, Inc. in 2001 where Mr. Robert was Chief Financial Officer and Treasurer. He held these positions from 1996 through 2002 and was responsible for acquisition and divestiture analysis, capital formation, taxation and strategic planning, accounting and risk management, and investor relations. Mr. Robert obtained a Bachelor of Business Administration in Accounting from Texas State University. Mr. Robert is a certified public accountant.

Britt Pence VNR

Britt Pence joined the Company in May 2007 as our Vice President of Engineering and in June 2010 was promoted to Senior Vice President of Operations and in July 2013 named Executive Vice President of Operations. Prior to joining us, since 1997, Mr. Pence was an Area Manager with Anadarko Petroleum Corporation (NYSE: APC) supervising evaluation and exploitation projects in coalbed methane fields in Wyoming and conventional fields in East Texas and the Gulf of Mexico. Prior to joining Anadarko, Mr. Pence served as a reservoir engineer with Greenhill Petroleum Company from 1991 to 1997 with responsibility for properties in the Permian Basin, South Louisiana and the Gulf of Mexico. From 1983 to 1991, Mr. Pence served as reservoir engineer with Mobil with responsibility for properties in the Permian Basin.

BOARD OF DIRECTORS

Michael Alexander is a Managing Director at Marathon Asset Management, a New York based investment manager, which he joined in March 2005. Mr. Alexander focuses on corporate credit and restructuring transactions and covers multiple sectors including energy. Mr. Alexander spent three years in Marathon’s London office from 2006 to 2009 helping build Marathon’s European credit business, before returning to New York. Prior to joining Marathon, he worked at The Blackstone Group in its restructuring advisory business (now PJT Partners). Mr. Alexander received a B.S. in Commerce from the University of Virginia with a concentration in finance

Joseph Citarrella is a Principal at Monarch Alternative Capital LP, a New York-based private investment firm. Prior to joining Monarch in May 2012, Mr. Citarrella was an Associate at Goldman Sachs in the Global Investment Research group, covering the integrated oil, exploration and production, and refining sectors. Mr. Citarrella received a B.A. in Economics from Yale University.

Graham Morris is the Distressed Equity Strategy Head for Contrarian Capital Management. Mr. Morris joined Contrarian in 2006 and is responsible for managing the Distressed Equity Strategy. Prior to this role, Mr. Morris was the Assistant Portfolio Manager of Contrarian Long Short and Contrarian Distressed Equity. Before joining Contrarian, Mr. Morris was an Analyst at Advent Capital Management L.L.C. from 2003 to 2005. At Advent Capital, Mr. Morris covered event driven and deep value equities as well as high yield and convertible bond investments. From 2000 to 2002, he was an Associate in the Telecom & Media Investment Banking group at UBS where he advised corporate clients on restructuring activities, high yield offerings, IPOs and mergers, and acquisitions. Mr. Morris received his MBA from Columbia Business School and graduated phi beta kappa with a BA in Economics from the University of Texas at Austin.

Richard A. Robert is our Executive Vice President, Chief Financial Officer and Secretary and has served in such capacities since January of 2007. In June of 2014, Mr. Robert was also elected to our Board of Directors. In 2011, Mr. Robert also served as the EVP and CFO of Encore Energy Partners LP (NYSE: ENP) until its merger completion with VNR on December 1, 2011. Prior to joining us, Mr. Robert was involved in a number of entrepreneurial ventures and provided financial and strategic planning services to a variety of energy-related companies since 2003. He was Vice President of Finance for Enbridge US, Inc., a provider of mid-stream assets, after its acquisition of Midcoast Energy Resources, Inc. in 2001 where Mr. Robert was Chief Financial Officer and Treasurer. He held these positions from 1996 through 2002 and was responsible for acquisition and divestiture analysis, capital formation, taxation and strategic planning, accounting and risk management, and investor relations. Mr. Robert obtained a Bachelor of Business Administration in Accounting from Texas State University. Mr. Robert is a certified public accountant.

R. Scott Sloan, brings significant financial, strategic, and commercial industry experience to the Vanguard board. Most recently, Mr. Sloan oversaw strategic planning, new business development, and oil and gas marketing for Hess Corporation. Previously, Mr. Sloan held various senior leadership positions over his 25 year career at BP, including President of BP Russia, Director of M&A, and several regional Chief Financial Officer roles.  Mr. Sloan also held board positions with TNK Holdings, Slavneft, Rusia Petroleum, In Salah Sales, and Medgaz.  He received his BA in Economics from Colgate University and MBA in Corporate Finance from the University of Chicago.

Scott W. Smith is our President, Chief Executive Officer and Director and has served in such capacities since October 2006 and as Director since March 2008. In 2011, Mr. Smith also served as the President and CEO of Encore Energy Partners LP (NYSE: ENP) until its merger completion with Vanguard on December 1, 2011. Prior to joining us, from July 2004 to October 2006, Mr. Smith served as President of Ensource Energy Company, LLC during its tender offer for the units of the Eastern American Natural Trust (NYSE:NGT). He has over 30 years of experience in the energy industry, primarily in business development, marketing, and acquisition and divestiture of producing assets and exploration/exploitation projects in the energy sector. Mr. Smith’s experience includes evaluating, structuring, negotiating and managing business and investment opportunities, including energy investments similar to our targeted investments totaling approximately $400 million as both board member and principal investor in Wiser Investment Company LLC, the largest shareholder in The Wiser Oil Company (NYSE:WZR) until its sale to Forest Oil Corporation (NYSE:FST) in June of 2004. From June 2000 to June 2004, Mr. Smith served on the board of directors of The Wiser Oil Company. Mr. Smith was also a member of the executive committee of The Wiser Oil Company. From January of 1998 to June of 1999, Mr. Smith was the co-manager of San Juan Partners, LLC, which established control of Burlington Resources Coal Seam Gas Trust (NYSE: BRU), which was subsequently sold to Dominion Resources, Inc. Mr. Smith obtained a Bachelor of Business Administration from the University of Texas at Austin. We believe that Mr. Smith’s extensive energy industry background, particularly the three years he has spent serving as part of our executive management team, brings important experience and skill to the board.