LRR Energy, L.P. (NYSE: LRE) (“LRR Energy” or “LRE”) announced today that it signed a definitive agreement to acquire oil and natural gas properties in the Mid-Continent region in Oklahoma and crude oil hedges from its sponsor, Lime Rock Resources, for a purchase price of $38.2 million, subject to customary purchase price adjustments. The effective date of the transaction will be April 1, 2013, and closing of the transaction is expected to occur on or about April 1, 2013, and is subject to customary approvals and closing conditions. LRE plans to finance the transaction with borrowings under its existing revolving credit facility.

Terms of the transaction were approved on March 18, 2013, by the Board of Directors of the general partner of LRE. The Board's conflicts committee, which is comprised entirely of independent directors, approved the terms of the transaction on March 18, 2013.

Eric Mullins, Chairman and Co-Chief Executive Officer, commented, "We are very pleased to announce our third acquisition from our sponsor, Lime Rock Resources. The transaction includes liquids-weighted, low decline producing assets, which are expected to provide a steady stream of cash flow. The proven reserves are entirely proved developed producing, making them well suited for LRR Energy.” Charlie Adcock, Co-Chief Executive Officer, noted, “These assets will be a great addition to our Mid-Continent footprint, and we expect the assets to be immediately accretive to distributable cash flow per unit.”

The properties are located in Grady, Garvin, Stephens and Carter Counties, Oklahoma.

Transaction Highlights:

• Estimated net proved reserves of approximately 1,916 MBoe (based on Miller & Lents reserve report with strip pricing of February 19, 2013 and an effective date of April 1, 2013)

• Based on year-end SEC prices of $94.71/Bbl and $2.76/MMBtu, estimated net proved reserves of approximately 1,655 MBoe (based on an internal reserve report with an effective date of April 1, 2013)

• 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.

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.

Forward-Looking Statements

This press release includes "forward-looking statements" — that is, statements related to future events. Forward-looking statements are based on the current expectations of LRR Energy and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "may," "predict," "pursue," "expect," "estimate," "project," "plan," "believe," "intend," "achievable," "anticipate," "target," "continue," "potential," "should," "could" and other similar words. Actual results and future events could differ materially from those anticipated or implied in such statements. Forward-looking statements involve certain risks and uncertainties, and ultimately may not prove to be accurate. These risks and uncertainties include, among other things, a decline in oil, natural gas or NGL prices, the risk and uncertainties involved in producing oil and natural gas, competition in the oil and natural gas industry, governmental regulations and other factors. Actual results could differ materially from those anticipated or implied in the forward-looking statements due to the factors described under the captions "Risk Factors" in LRR Energy's Annual Report on Form 10-K for the year ended December 31, 2012 and LRR Energy's subsequent filings with the Securities and Exchange Commission (the “SEC”). All forward-looking statements speak only as of the date of this release. LRR Energy does not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement.

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