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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.

Stock quotes in this article: LRE 

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