This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

LRR Energy, L.P. Announces Closing Of Acquisition Of Oil And Gas Properties In Oklahoma From Lime Rock Resources

LRR Energy, L.P. (NYSE: LRE) ("LRE" or "LRR Energy") announced today that it closed its previously announced acquisition of oil and natural gas properties in the Mid-Continent region in Oklahoma from its sponsor, Lime Rock Resources, for a purchase price of $21.0 million subject to customary purchase price adjustments. In addition, as part of the transaction, LRE acquired in the money commodity hedge contracts valued at approximately $1.8 million.

LRE funded the acquisition with borrowings under its revolving credit facility. LRE has $200 million of outstanding borrowings under its revolving credit facility and $50 million of outstanding borrowings under its term loan as of January 3, 2013. LRE has an additional $50 million available under its credit facility which management believes provides ample financial flexibility to execute our capital program and distribution strategy.

As part of the transaction, LRE acquired the following crude oil and natural gas hedges:

                       
Index 2013 2014 2015
Natural gas positions
Price swaps (MMBTUs) NYMEX-HH 248,950 200,916 173,676
Weighted average price $ 5.23 $ 5.58 $ 5.96
 
Oil positions
Price swaps (BBLs) NYMEX-WTI 39,794 28,176 22,128
Weighted average price $ 101.30 $ 100.01 $ 98.90
 

About LRR Energy, L.P.

LRR Energy is a Delaware limited partnership formed in April 2011 by affiliates of Lime Rock Resources to operate, acquire, exploit and develop producing oil and natural gas properties in North America. LRR Energy's properties are located in the Permian Basin region in West Texas and southeast New Mexico, the Mid-Continent region in Oklahoma and East Texas and the Gulf Coast region in Texas.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 18,285.74 +0.34 0.00%
S&P 500 2,130.82 +4.97 0.23%
NASDAQ 5,090.7940 +19.0510 0.38%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs