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CORRECTING and REPLACING New Source Energy Partners L.P. Announces Second Acquisition in Southern Dome Field

  CORRECTING and REPLACING New Source Energy Partners L.P. Announces Second
  Acquisition in Southern Dome Field

CORRECTION...by New Source Energy Partners L.P.

Business Wire

OKLAHOMA CITY -- February 5, 2014

First graph, first sentence of release should end with:...CEU Paradigm, LLC,
an affiliate of Exelon Corporation(sted an affiliate of Constellation Energy
Partners).

The corrected release reads:

New Source Energy Partners L.P. Announces Second Acquisition in Southern Dome
                                    Field

New Source Energy Partners L.P. (NYSE:NSLP) (the “Partnership”) announced
today that it has acquired working interests in 23 producing wells and related
undeveloped leasehold rights from CEU Paradigm, LLC, an affiliate of Exelon
Corporation. The properties are located in the Southern Dome field, located in
Oklahoma County, Oklahoma. The transaction closed on January 31, 2014, with an
effective date of August 1, 2013.

The purchase price for the acquisition, after closing adjustments, was
approximately $18.8 million, of which $6.9 million was paid in cash at
closing, and the remaining $11.9 million was paid by delivery of 488,667
common units of the Partnership. In addition, the Partnership also has agreed
to pay additional consideration in the fourth quarter of 2014 if certain
conditions are satisfied. The additional amount payable by the Partnership, if
any, will be based on recently improved average daily production rates from
these properties once these improved rates have been verified over a
nine-month measurement period ending September 30, 2014, and will be
calculated using the base pricing methodology for the acquisition, after
accounting for the Partnership’s initial acquisition cost, certain capital
expenditures and related costs of capital. Any additional amount owed will be
payable in cash and/or additional common units of the Partnership, as
determined by the Partnership.

“Today’s announcement represents the second acquisition the Partnership has
made in the Southern Dome field, which is adjacent to our core acreage and is
an additional source of revenue for our partnership,” said Kristian Kos,
President and CEO of New Source Energy GP, LLC, the Partnership’s general
partner. “Today we have acquired more wells and a higher working interest than
our first transaction in the Southern Dome, underscoring both our confidence
in this field and our commitment to growth.”

Significant characteristics of the acquisition are:

  *Three month average production (Oct – Dec 2013) of approximately 490 Boe/d
  *Average working interest of 54.3% in 23 producing wells
  *Production breakdown: 34% oil, 15% NGL, 51% natural gas

About New Source Energy Partners L.P.

New Source Energy Partners L.P. is an independent energy company focused on
delivery through streamlined operations and vertically integrated
infrastructure. The Partnership is 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. In addition, the
Partnership is engaged in oilfield services that specialize in increasing
efficiencies and safety in drilling and completion processes through its
wholly owned subsidiary, MCE LP. For more information on the Partnership
please visit www.newsource.com.

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 from the results
and other statements contained in this press release. For a full discussion of
these risks and uncertainties, please refer to the “Risk Factors” section of
the Partnership’s Annual Report on Form 10-K for the year ended December 31,
2012 and the information included in the Partnership’s quarterly and current
reports and other public filings. These forward-looking statements are based
on and include the Partnership’s expectations as of the date hereof.
Subsequent events and market developments could cause the Partnership’s
expectations to change. While the Partnership may elect to update these
forward-looking statements at some point in the future, the Partnership
specifically disclaims any obligation to do so, even if new information
becomes available, except as may be required by applicable law.

Contact:

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