LRR Energy, L.P. (NYSE: LRE) (“LRR Energy”) announced today its operating and financial results for the three and six months ended June 30, 2012.
Highlights for the three months ended June 30, 2012
- Closed $67 million ($65.1 million after purchase price adjustments) acquisition of predominantly mature, oil-weighted properties in the Permian Basin region of New Mexico and onshore Gulf Coast region of Texas from our sponsor, Lime Rock Resources
- As planned, successfully completed drilling seven new wells in our largest field, Red Lake, with good production results
- Entered into a $50 million senior secured second lien term loan facility
- Approximately $67.2 million of available borrowing capacity under our $500 million revolving credit facility
- Added significantly to our commodity derivative hedge position
Eric Mullins, Chairman and Co-Chief Executive Officer, commented, "We are pleased with our second quarter, which included the closing of our first acquisition. During the quarter, we strengthened our borrowing capacity by entering into our $50 million senior secured second lien term loan facility, which provided for additional liquidity under our revolving credit facility.” Charlie Adcock, Co-Chief Executive Officer, reflected that, “During the second quarter, we continued to execute our drilling program in the Red Lake field in New Mexico by successfully drilling seven wells with better than expected production results. Three of the seven wells partially contributed to our second quarter performance. We expect all seven wells to contribute to our third quarter production.”
Our financial statements for the three and six months ended June 30, 2012 have been recast as if we had owned the assets acquired on June 1, 2012 from Lime Rock Resources since our initial public offering, as the transaction was between entities under common control.
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