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November 10, 2012

November 10, 2012. Houston Investor Association Presented by: Richard Robert, EVP & CFO 5847 San Felipe, Suite 3000 Houston, Texas 77057 FAX: 832-327-2260 Mobile: 281-831-9680 Email: rrobert@vnrllc.com. NYSE: VNR. Forward-Looking Statements.

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November 10, 2012

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  1. November 10, 2012 Houston Investor Association Presented by: Richard Robert, EVP & CFO 5847 San Felipe, Suite 3000 Houston, Texas 77057 FAX: 832-327-2260 Mobile: 281-831-9680 Email: rrobert@vnrllc.com NYSE: VNR

  2. Forward-Looking Statements Statements made by representatives of Vanguard Natural Resources, LLC during the course of this presentation that are not historical facts are forward looking statements, including (but not limited to) statements about the acquisition (including its benefits, results and effects), the related financing plans, whether and when the acquisition will be consummated, the operating results of Encore Energy Partners LP following the acquisition and statements with respect to future distributions. These statements are based on certain assumptions and expectations made by the Company which reflect management’s experience, estimates and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward looking statements. These include risks relating to the satisfaction of the conditions to closing of the acquisition, uncertainties as to timing, financial performance and results, our indebtedness under our revolving credit facility, availability of sufficient cash to pay our distributions and execute our business plan, prices and demand for oil, natural gas and natural gas liquids, our ability to replace reserves and efficiently develop our reserves, our ability to make acquisitions on economically acceptable terms and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward looking statements. See “Risk Factors” in our most recent annual report on Form 10-K and Item 1A. of Part II “Risk Factors” in our subsequent quarterly reports on Form 10-Q and any other public filings and press releases. Vanguard Natural Resources, LLC undertakes no obligation to publicly update any forward looking statements, whether as a result of new information or future events. This presentation has been prepared as of November 8, 2012.

  3. Key MLP Investor Benefits 4 Specific Investor Benefits • High Current Income • 6.2% average current yield for the AMZ MLP Index(1) • Growth Potential • 398.3% total return for the AMZ MLP Index since 2002 (2) • Tax Advantaged Distributions • Largely a Return of Capital • Inflation Protection • Distribution Growth historically exceeds CPI/PPI Source: Alerian MLP Index database. Market data as of 11/08/2012. (1) Represents the weighted average yield of the Alerian MLP Index (AMZ). (2) Represents Alerian MLP Total Return Index (AMZX) from 10/30/2002 to 11/02/2012. 3

  4. Where Are MLPs Today? MLPs remain attractive for three key reasons • Attractive valuations • Still within historical average yields and yield spreads • Still within historical averages EV/EBITDA and Price/DCF multiples • Attractive to other yield alternatives: REITs, Utilities and Corporate Bonds • Earnings Strength / Stability • MLP earnings are largely derived from fixed fee contracts or have the ability to hedge away a large portion of commodity risk • High and Growing Dividends (Defense and Offense) • High dividends provide protection in an uncertain market • Growing dividends encourage upside pricing movement while providing a powerful inflation hedge 4

  5. Relative Performance Since 1/01/2001 +202.3% +138.9% +103.8% +36.1% +23.5% +4.3% -18.2% -23.9% (1) (1) Source: Bloomberg database. Market data as of 11/08/2012. (1) MSCI World Index excludes the United States. 5

  6. AMZ MLP Index Spread to MSCI REIT Index AMZ MLP Index Spread Over 10-Year Treasury AMZ MLP Index Spread to BBB Bond Index (1) MLP Yield Spreads Still at Attractive Levels Current Spread 357bps Historical Average: 146bps MLPs currently at 127bps above historical average Current Spread 290bps Historical Average: 326bps Historical Average: 126bps Source: Alerian MLP Index and FactSet databases. Market data as of 11/01/2012. (1) Bank of America / Merrill Lynch BBB Bond Index. 6

  7. Current Yields Current Yields Across MLP Segments • Source: FactSet, as of 11/08/2012. • Includes: AHGP, XTXI, ETE, KMI, NSH, TRGP. • Includes: AMID, APL, BKEP, CQP, CHKM, CPNO, CMLP, XTEX, EROC, GEL, GLP, HEP, NRGM, MWE, MMLP, OILT, RGP, RRMS, SXL, NGLS, TLLP, TCLP, TLP, WES. • Includes: BWP, BPL, EPB, EEP, ETP, EPD, KMP, MMP, NS, OKS, PAA, SEP, WPZ. • Includes: ARP, BBEP, EVEP, LGCY, LRE, LINE, MEMP, MCEP, PSE, VNR, QRE. • Includes: NKA, PNG. • Includes: ARLP, NRP, PVR, OXF, RNO. • Includes: APU, FGP, NRGY, NGL, SPH. 7

  8. Advantages of Vanguard’s LLC Structure 8

  9. Our Successful Execution of the E&P MLP Strategy

  10. Overview of Vanguard Natural Resources Upstream oil & gas LLC, headquartered in Houston, Texas Initial Public Offering – “VNR” – October 2007 (Total Enterprise Value of ~$240mm) Fifteen strategic acquisitions totaling ~$2.1bn expanded geographic profile and commodity diversity (including merger with Encore Energy Partners LP and Arkoma Basin acquisition) Instituted a monthly distribution beginning with the July 2012 distribution Monthly distribution of $0.20 per unit ($2.40 annualized) yields approximately 8.6% at current price; Increased distributions ~41% since IPO Diverse portfolio of mature, long life oil and gas properties, combined with a multi-year hedging program provide stable cash flow and support distribution growth No General Partner or incentive distribution rights (IDRs) Reduces cost of capital Company Profile VNR (1) 59.083 UNITS OUTSTANDING (1) $1,653.1 EQUITY MARKET CAP (2) 901.7 TOTAL DEBT ENTERPRISE VALUE $2,554.8 Asset Profile* Market Valuation ($ in millions) • ~136 MMBoe total proved reserves • Pre-Arkoma Q2 2012 Production: ~12.3 MBoe/d • Current Daily Production: 24.6 MBoe/d • 2012E Production: 18.8 MBoe/d • 2013E Production: 23.2 MBoe/d • ~72% proved developed • ~15 year Proved R/P • ~46% liquids / 54% gas * Proved reserves as of 6/30/2012 based on internal reserve report. (1) Market data as of 11/8/2012 includes 420,000 Class B units. (2) Debt figure as adjusted for September 2012 VNR equity follow-on.

  11. Recent Investor Friendly Events • Initiated monthly distribution policy • Commenced with July 2012 distribution and paid on September 14, 2012 • Previously paid quarterly distributions • Established a Direct Reinvestment Plan (DRIP) • Established Direct Common Unit Purchase Plan (PLAN) • The Plan is administered through American Stock Transfer (AST) • Online registration is available at www.amstock.com or 866-673-8052 11

  12. The Power of the DRIP The below example looks at two identical investments over a 20 year period….one with a DRIP and the other not Monthly Distribution / DRIP Monthly Distribution / No DRIP 1,244% 153% 12

  13. PERMIAN BASIN ARKOMA BASIN WILLISTON BASIN BIG HORN BASIN MISSISSIPPI SOUTH TEXAS Geographically Diversified Reserve Base • 136.2 MMBoe proved reserves • 54% gas and 72% proved developed • Proved R/P of ~15 years • Operate ~75% of cash flow Big Horn Basin • Proved Reserves: 24.0 MMBoe • 85% oil and 96% Proved Developed • 3.9 MBoe/d net production • 93% operated Core Areas Overview • Williston Basin • Proved Reserves: 5.8 MMBoe • 93% oil and 95% Proved Developed • 0.9 MBoe/d net production • 70% operated Proved Reserves by Area 136 MMBoe • Permian Basin • Proved Reserves: 28.5 MMBoe • 51% oil and 85% Proved Developed • 5.1 MBoe/d net production • 85% operated • South Texas • Proved Reserves: 7.6 MMBoe • 59% gas and 63% Proved Developed • 1.1 MBoe/d net production • 0% operated VNR Major Producing Fields • Mississippi – Parker Creek • Proved Reserves: 2.7 MMBoe • 95% oil and 76% Proved Developed • 0.6 MBoe/d net production • 90% operated • Arkoma Basin • Proved Reserves: 67.6 MMBoe • 82% gas and 57% Proved Developed • 13.0 MBoe/d net production (1) • 43% operated Note: Proved reserves as of 6/30/2012 based on internal reserve report. Production represents 2011 average daily net production. Pro forma for exchange of Appalachian assets and recent Arkoma Basin acquisition. Percent operated statistics are computed based on cash flow. (1) Includes ~12.7 Mboe/d of current production from the Woodford/Fayetteville Shale acquisition.

  14. 2011 Capex(2) 2011 Adjusted EBITDA How We Spend Capital • Disciplined approach to capital spending – focus on maintaining cash flow from mature, long lived fields • By contrast, resource players invest in growth to support equity valuation • The nature of our capital program is inherently less risky due to the lengthy production histories in the fields we operate • We grow production primarily through accretive acquisitions of low-risk producing properties, rather than through the drillbit • Our capital spending as a percent of 2011A EBITDA is best-in-class • 2012E capital budget of $47 million – approximately 20% of 2012E Adjusted EBITDA VNR 15% E&P MLPs(1) 49% Resource Players 172% Capital Spending vs. Cash Flow Resource Players E&P MLPs EBITDA / Capex 1.0x 0.7x 0.5x 0.6x 0.4x 6.6x 3.0x 2.8x 2.5x 1.8x Source: Company filings. Note: VNR adjusted EBITDA includes the non-controlling interest of ENP. (1) Excludes VNR. (2) Represents development and exploration expenses, excluding acquisitions.

  15. Our Acquisition Strategy The U.S. has a large inventory of mature oil and natural gas basins which provide significant opportunity for future growth and consolidation Current E&P opportunity set is comprised of an estimated $1.5 trillion of mature properties, which is substantially more than the U.S. midstream sector Approximately $40 billion of E&P assets transacted each year since 2007 Vanguard’s Acquisition Strategy is to: Acquire mature oil and gas properties with the following characteristics: Stable, long life production with a shallow decline High percentage of proved developed producing reserves Long reserve life Step-out development opportunities for additional growth Efficiently manage the oil and gas assets with focus on maintaining cash flow levels Reduce commodity price and interest rate risk through hedging Return cash flow through distribution payments to unitholders Vanguard’s success is attributable to its disciplined acquisition strategy. It’s future success will depend on maintaining this disciplined approach.

  16. Our Successful Acquisition Track Record $1020.5 $782.5 $494.3 $126.8 $105.8 2008 2009 2010 2011 2012* * 2012 includes the recently announced natural gas and liquids acquisitions in Colorado in Wyoming for $335 million with an anticipated close date on or before December 31, 2012.

  17. Our Successful Acquisition Track Record • We review between 125-150 and evaluate approximately 50 acquisition candidates each year • * Purchase price adjusted downward for distributions received on ENP units and includes debt as of 11/30/2011. • Proved reserves and proved developed producing (PDP) numbers are calculated as of the acquisition closing date based on internal estimates. • Colorado and Wyoming recently announced acquisition is anticipated to close on or before December 31, 2012.

  18. Barrett Acquisition in Colorado and Wyoming Wind River & Powder River, WYPiceance Basin, CO Acquisition Overview • Assets located in the Piceance Basin in Colorado and the Powder River and Wind River Basins in Wyoming • Total proved reserves of ~300 Bcfe (80% PDP) • Current net production of ~65 MMcfe/d • Reserve to production ratio of 13 years • ~184,000 net acres in the Wind River Basin (12% held by production); ~67,000 net acres in the Powder River Basin (93% held by production); and ~15,000 net acres in the Piceance Basin (95% held by production); • Vanguard intends to significantly hedge the expected natural gas and oil production through 2016 and the expected natural gas liquids production in 2013 • Immediately accretive to cash flow

  19. Arkoma Basin Acquisition Woodford Shale Fayetteville Shale Operated Acreage Non-operated Acreage Acquisition Overview • Assets located in the Woodford Shale and Fayetteville Shale plays • Total proved reserves of ~402 Bcfe (57% PDP) • Current net production of ~71 MMcfe/d (includes ~650 Bbl/d of NGLs) • Reserve to production ratio of 15 years • ~71,300 net acres (89% held by production) • ~180 drilling locations with an average 22.5% working interest (modeled with ~$22 million in capital expenditures per year) • Restructured acquired hedges to cover ~100% of expected proved production for the next five years at $5.04/MMBtu beginning in August 2012 • Immediately accretive to cash flow

  20. Total Proved Reserves of ~136.2 MMBoe (~817 Bcfe) PDP reserves of ~95 MMBoe (~570 Bcfe) is ~69% of total Proved Reserves Pro Forma Reserve Summary Pro Forma Reserve Summary By Reserve Mix By Commodity Mix Standalone Standalone Pro Forma for Arkoma Pro Forma for Arkoma Note: Proved reserves as of 6/30/2012 based on internal reserve report. Sum of categories may not add to total due to rounding.

  21. Experienced Management Team

  22. Financial Overview

  23. Summary Operating Performance Proved Reserves (MMBoe) Average Annual Production (Boe/d) (1) 1,101% Growth 1,136% Growth (2) (3) (2) (4) (4) Adjusted EBITDA ($mm) Distribution Growth ($ / unit) 41% Increase $2.40 827% Growth (5) (4) (4) (6) (1) Proved reserves as of 6/30/2012 based on internal reserve report. (2) Amounts illustrated reflect ENP and VNR proved reserves and production on a consolidated basis. Pro forma for exchange of Appalachian assets. (3) Pro forma for the recent Arkoma Basin acquisition. (4) Based on updated 2012E and 2013E guidance announced on 8/2/2012. (5) Adjusted EBITDA pro forma for ENP acquisition but does not reflect adjustments for Arkoma acquisition. (6) Annualized quarterly distribution.

  24. Disciplined Financial Strategy Maintain conservative capital structure and sufficient liquidity Availability under Revolver as of 10/8/2012 of ~$580 million, pro forma for September follow-on offering and October senior notes add-on offering Target Debt / EBITDA of less than 3.0x Active management of debt levels by periodic access to the equity markets as needed Utilize excess cash flow to reduce revolving debt levels Prudent management of commodity price risk through multi-year hedging program Approximately 85% of expected oil production hedged through 2014 at a FLOOR PRICE of $91.50 per barrel Approximately 85% of expected natural gas production hedged through the 1H 2017 at $5.11 per MMBtu Acquisition strategy incorporates active hedging component to “lock-in” anticipated margins Prudently seek acquisitions utilizing our low cost of capital Accretive acquisitions of long life oil and gas assets Maintain a prudent coverage ratio to provide distribution stability and “comfortable” growth Maintain strong relationships with a diversified bank syndicate Currently have 21 banks in the Revolver

  25. Acquisition Financing Strategy Vanguard’s long-term strategy is to fund its acquisition program with approximately 60% equity and 40% debt, de-levering the company over time via equity issuances and utilizing excess cash flow to pay down debt To date, Vanguard has issued ~49mm units for a total of approximately $1.2bn in net proceeds, including ~$487mm for the second step of the Encore merger ~58% of the total acquisition value for transactions has been financed with equity (including $182.4 million in equity raised in September 2012) Acquisitions Equity Issued Total of ~$2.1bn Total of ~$1.2bn (1) Cum.: $127 $233 $727 $1,609 $2,057 Cum.: $21 $117 $391 $879 $1,201 (1) Encore merger purchase price adjusted downward for distributions received on ENP units and includes debt as of 11/30/2011.

  26. Hedging Philosophy Hedge commodity prices on estimated production from acquisitions for three to five years upon signing the Purchase and Sale Agreement to protect rate of return from price fluctuations Opportunistic hedging program to extend hedge positions as existing hedges roll off Reduce cash flow volatility and protect distribution levels Primary use of swaps and costless collars, with the addition of three-way collars to provide higher floor pricing Interest rate risk also mitigated through hedging

  27. Locking in Margins Provides Stability Through the use of hedging, Vanguard is able to lock in significant acquisition margins for the foreseeable future, helping to insure distribution stability Margin * Arkoma Basin acquisition adjusted for value of the hedges acquired.

  28. Hedges Mitigate Commodity Price Risk • More than 85% of expected crude oil proved production hedged thru 2014 at a weighted average FLOOR price of $91.50 per barrel • Use a combination of swaps, collars and three-way collars Oil Hedges Note: Hedge prices reflect a weighted average of swap prices, floor prices on collars and puts and long put prices on three way collars. Excludes NGL production. In 2013, Vanguard sold puts on 378,400 Bbls at a weighted average price of $60.47. In addition, Encore sold puts on 250 bbl/d for 2012-2013 at $65.00. Weighted average floor price includes a $3.00 / Bbl premium on a 1,000 Bbl/day in 2013-2014 only if the monthly oil price settles between $70.00 - $110.00.

  29. Hedges Mitigate Commodity Price Risk • Approximately 85% of expected natural gas proved production hedged thru the first half of 2017 at a weighted average floor price of $5.11 per MMBtu • Primarily use NYMEX and basis swaps Gas Hedges Note: Hedge prices reflect a weighted average of swap prices, floor prices on collars and puts and long put prices on three way collars. Excludes production associated with the exchanged Appalachia properties. Excludes NGL production.

  30. Non-Cash Items Distort Income • Due to large non-cash items such as impairments and unrealized hedge gains and losses due to fluctuations in commodity prices, Vanguard often experiences large swings in Net Income/(Loss) that distort it’s “ability” to pay distributions • Adjusted EBITDA eliminates these items to arrive at “true” cash flow *Non-Cash Items include depletion, depreciation and amortization, impairment, (gain) / loss on acquisitions, unrealized (gain) loss on commodity and interest rate derivatives and unit-based compensation expense. 30

  31. Price Performance Since 2009 The results have been great. VNR has outperformed US Royalty Trusts, C-Corps and other E&P MLPs. The strategy works. (1) (2) • Note: Market data as of 11/08/2012. • E&P MLP Index includes: BBEP, EVEP, LGCY, LINE, PSE, QRE, MCEP, MEMP, PSE, ARP, LRE. • US Royalty Trust Index includes: CRT, HGT, MTR, PBT, SBR and SJT. 31

  32. Vanguard’s Value Proposition • Vanguard has the highest distribution growth rate since its IPO in October 2007 • However, Vanguard is still trading at a higher yield than many of its peers Distribution Growth (Since VNR IPO) Typically, MLPs with a track record of distribution growth are valued at a premium….not currently? 2011 Coverage:(1) 1.4x 1.1x 1.1x 1.2x 1.3x 1.2x 1.4x Current Yields in Yellow • Note: Does not include recent IPOs of MCEP, LRE and MEMP. Market Data based on November 8, 2012 pricing. • 2011 distribution coverage taken from company press releases and market research. 32

  33. Key Investment Highlights • High quality, long-lived reserve base with low production decline rates and low • capital reinvestment requirements • Geographically diverse asset base comprised predominantly of oil properties • Active hedging program which has locked in attractive margins through 2014 for crude oil and 1H 2017 for natural gas • Significant inventory of low-risk development opportunities • Well-capitalized balance sheet with sufficient liquidity and financial flexibility • Experienced management team with a track record of successful operations, • acquisitions, and integrations

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