LRR Energy, L.P. Announces Closing of Acquisition of Oil and Gas Properties in Oklahoma from Lime Rock Resources

  LRR Energy, L.P. Announces Closing of Acquisition of Oil and Gas Properties
  in Oklahoma from Lime Rock Resources

Business Wire

HOUSTON -- January 3, 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.

As part of the transaction, LRE acquired the following crude oil and natural
gas hedges:

                                                        
                     Index             2013            2014            2015
Natural gas
positions
Price swaps          NYMEX-HH          248,950         200,916         173,676
(MMBTUs)
Weighted                             $ 5.23          $ 5.58          $ 5.96
average price
                                                                       
Oil positions
Price swaps          NYMEX-WTI         39,794          28,176          22,128
(BBLs)
Weighted                             $ 101.30        $ 100.01        $ 98.90
average price
                                                                       

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. Forward-looking statements in this press release relate to,
among other things, LRR Energy’s expectations regarding future results,
capital expenditures and liquidity. 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, 2011 and LRR Energy's subsequent filings with the
Securities and Exchange Commission. All forward-looking statements speak only
as of the date of this press 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.

Contact:

LRR Energy, L.P.
Todd Hassen, 713-292-9534
Director of Finance
thassen@lrrenergy.com
or
Jaime Casas, 713-345-2126
Chief Financial Officer
jcasas@lrrenergy.com
 
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