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LRR Energy, L.P. To Acquire Oil And Gas Producing Properties In Oklahoma From Lime Rock Resources

Stocks in this article: LRE

• Approximately 84% of proved reserves are oil

• 100% of proved reserves are proved developed producing

• Current net production of approximately 335 Boe per day

• Proved reserves to production ratio of 15.7 years

• 3-year average annual PDP decline rate of 6%

• Approximately 315 producing wells, none of which are operated

• Estimated annualized 2013 cash flow from operations of approximately $6.1 million

• Estimated annual maintenance capital expenditures of $1.1 million

Financial Highlights:

The acquisition is expected to be immediately accretive to distributable cash flow per unit. As part of this transaction, LRE will acquire the following crude oil hedges, which LRE currently estimates to be valued at approximately $0.6 million:

      Index       2013       2014
Oil positions
Price swaps (BBLs) NYMEX-WTI 38,250 30,000
Weighted average price $ 102.75 $ 98.20
 

The conflicts committee engaged Tudor, Pickering, Holt & Co. Securities, Inc. to act as its financial advisor and Bracewell & Giuliani LLP to act as its legal advisor.

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