LRR Energy, L.P. announces closing of acquisition of oil and gas properties in Oklahoma from Lime Rock Resources
Friday, Jan 04, 2013
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.
Source: Business Wire
To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today