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

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)

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