New Source Energy Partners L.P. Announces Restructuring of Ownership
Interests in its General Partner
OKLAHOMA CITY -- March 20, 2013
New Source Energy Partners L.P., a Delaware limited partnership (NYSE: NSLP)
(the “Partnership”), announced today that the existing members of New Source
Energy GP, LLC, the general partner of the Partnership (“General Partner”),
restructured their respective ownership interests in the General Partner.
Prior to the restructuring, our General Partner was owned 50% by New Source
Energy Corporation and 25% by the David J. Chernicky Trust, entities
controlled by David J. Chernicky. The remaining 25% membership interest in our
General Partner was owned by Deylau, LLC, an entity controlled by Kristian B.
Kos. As a result of the restructuring, our General Partner is now owned 5.6%
by New Source Energy Corporation, 25% by the David J. Chernicky Trust, and
69.4% by Deylau, LLC.
Mr. Chernicky remains the Chairman of the Board of Directors of each of our
General Partner and New Source Energy Corporation, and Mr. Kos remains the
President and Chief Executive Officer of each of our General Partner and New
Source Energy Corporation. Additionally, Mr. Chernicky remains the controlling
shareholder of New Source Energy Corporation, which owns 39.2% of the limited
partner interests in the Partnership. Given Mr. Chernicky’s significant,
indirect ownership interest in the Partnership, we believe his interests
continue to be aligned with our other limited partners.
"By restructuring the ownership interest of the General Partner, we have
aligned control over the execution of our long-term strategic objectives with
management’s day-to-day operation of the Partnership’s assets," said Mr.
Chernicky. "I will continue to work with Kristian Kos as I have in the past to
identify opportunities for the Partnership to grow and develop its reserves
and provide value to its limited partners over time.”
About New Source Energy Partners L.P.
New Source Energy Partners L.P. 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.
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 public 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
New Source Energy Partners L.P.
Investors & Media
Nick Hodapp, 405-272-3028
Director of Investor Relations
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