New Source Energy Partners, L.P. Closes Over-Allotment Option

  New Source Energy Partners, L.P. Closes Over-Allotment Option

Business Wire

OKLAHOMA CITY -- March 13, 2013

New Source Energy Partners L.P., a Delaware limited partnership (NYSE: NSLP)
(the “Partnership”), announced today that underwriters of its recently
completed initial public offering have purchased an additional 250,000 common
units at $20.00 per unit granted to them in the Underwriting Agreement dated
February 7, 2013. New Source Energy Partners’ initial public offering of
4,000,000 common units, representing limited partnership interests in New
Source Energy Partners, closed on February 13, 2013.

Net proceeds received by the Partnership from the sale of the additional
common units were approximately $4.65 million in the aggregate, after
deducting underwriting discounts, commissions and expenses. The public now
owns an approximate 54.8% limited partner interest in the Partnership.

Baird, Stifel Nicolaus Weisel, BMO Capital Markets and Oppenheimer & Co. acted
as joint book-running managers for the offering. Janney Montgomery Scott,
Stephens Inc. and Wunderlich Securities acted as co-managers for the offering.
Copies of the prospectus related to the offering may be obtained from the
underwriters as follows:

                                        Stifel, Nicolaus & Company,
                                        Incorporated
Robert W. Baird & Co.
Incorporated                            Attn: Prospectus Department

Attention: Syndicate Department         One South Street, 15^th Floor

777 East Wisconsin Avenue               Baltimore, MD 21202

Milwaukee, WI 53202-5391                syndprospectus@stifel.com

syndicate@rwbaird.com                   (855) 300-7136
                                   
(800) 792-2413                          

                                       Oppenheimer & Co. Inc.

BMO Capital Markets Corp.               Attn: Syndicate Department
Attn: Equity Syndicate
Department                              85 Broad Street, 26^th Floor
3 Times Square, 27^th Floor
New York, NY 10036                      New York, NY 10004
bmoprospectus@bmo.com
                                        equityprospectus@opco.com

                                        (212) 667-8563
                                                                             

A registration statement relating to these securities has been filed with, and
declared effective by, the SEC. The registration statement is available on the
SEC’s web site at http://www.sec.gov under the registrant’s name, “New Source
Energy Partners L.P.” This news release shall not constitute an offer to sell
or a solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.

In addition an investor presentation is now available on the New Source Energy
Partner’s website at www.newsource.com in the Investors-Presentation section.

About New Source

New Source Energy Partners is an independent energy company focusing on
delivery through streamlined operations and vertically integrated
infrastructure. We are actively engaged in the development and production of
our onshore oil and liquids-rich portfolio that extends across conventional
resource reservoirs in east-central Oklahoma.

Forward-Looking Statements

This news release contains “forward-looking statements” which are based on
current plans and expectations and involve a number of risks and uncertainties
that could cause actual results and events to vary materially, including but
not limited to the inability to complete the initial public offering. For a
full discussion of these risks and uncertainties, please refer to the “Risk
Factors” section of the Registration Statement on Form S-1 initially filed by
the Partnership on December 31, 2012 and the information included in
subsequent amendments and other filings. These forward-looking statements are
based on and include our expectations as of the date hereof. Subsequent events
and market developments could cause our expectations to change. While we may
elect to update these forward-looking statements at some point in the future,
we specifically disclaim any obligation to do so, even if new information
becomes available, except as may be required by applicable law.

Contact:

New Source Energy Partners - Investor & Media Contact
Nick Hodapp, 405-272-3028
Director of Investor Relations
nhodapp@newsource.com
 
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