Close 

LRR Energy closes on Oklahoma properties from Lime Rock Resources

Houston-based LRR Energy LP [NYSE: LRE] said Jan. 4 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 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 Jan. 3, 2013. LRE has an additional $50 million available under its credit facility, which management believes provides ample financial flexibility to execute its capital program and distribution strategy.

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.


To access this Article, go to:
http://www.ogfj.com/content/ogfj/en/articles/2013/01/lrr-energy-closes.html