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September 03, 2015 5:42 PM ET

Oil, Gas and Consumable Fuels

Company Overview of LRR Energy, L.P.

Company Overview

LRR Energy, L.P., through its subsidiary, LRE Operating, LLC, operates, acquires, exploits, and develops producing oil and natural gas properties in North America. It holds interests in various properties 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. As of December 31, 2014, the company had total estimated proved reserves of approximately 33.8 million barrels of oil equivalent. LRE GP, LLC serves as the general partner of the company. The company was founded in 2011 and is based in Houston, Texas.

Heritage Plaza

1111 Bagby Street

Suite 4600

Houston, TX 77002

United States

Founded in 2011

Phone:

713-292-9510

Key Executives for LRR Energy, L.P.

Co-Chief Executive Officer of LRE GP LLC and Director of LRE GP LLC
Age: 62
Total Annual Compensation: $96.4K
Chairman of LRE GP LLC and Co-Chief Executive Officer of LRE GP LLC
Age: 53
Total Annual Compensation: $85.1K
Chief Financial Officer of LRE GP LLC and Vice President of LRE GP LLC
Age: 45
Total Annual Compensation: $500.0K
Chief Operating Officer of LRE GP LLLC and Executive Vice President of LRE GP LLC
Age: 55
Total Annual Compensation: $125.0K
Chief Engineer of LRE GP LLLC and Senior Vice President of Engineering - LRE GP LLC
Age: 54
Total Annual Compensation: $130.5K
Compensation as of Fiscal Year 2014.

LRR Energy, L.P. Key Developments

Robbins Arroyo LLP Files a Class Action Lawsuit Against LRR Energy, L.P

Robbins Arroyo LLP announced that it filed a class action lawsuit on August 18, 2015, in the U.S. District Court for the District of Delaware on behalf of the shareholders of LRR Energy, L.P. against its Board of Directors, Vanguard Natural Resources, LLC, and Lighthouse Merger Sub, LLC for, among other things, violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and U.S. Securities and Exchange Commission Rule 14a-9 promulgated. LRR Energy Is Accused of Disseminating a False and Misleading Proxy Statement The action arises out of an April 20, 2015 press release announcing that LRR Energy had entered into a Purchase Agreement and Plan of Merger with Vanguard pursuant to which a subsidiary of Vanguard will merge into LRR Energy, while Vanguard simultaneously acquires LRE GP, LLC, the general partner of LRR Energy for total consideration of $251 million in Vanguard common units and the assumption of LRR Energy's net debt of $288 million. The complaint seeks injunctive relief on behalf of the named plaintiff and all other similarly situated LRR Energy shareholders. The named plaintiff is represented by Robbins Arroyo LLP. The complaint alleges that, in an attempt to secure shareholder approval of the Proposed Transaction, the defendants filed a materially false and misleading Proxy Statement with the SEC in violation of the Exchange Act. The omitted and/or misrepresented information is believed to be material to LRR Energy shareholders' ability to make an informed decision whether to approve the Proposed Transaction.

LRR Energy, L.P. Reports Unaudited Consolidated Production and Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Impairment of Oil and Natural Gas Properties for the Second Quarter of 2015

LRR Energy, L.P. reported unaudited consolidated production and earnings results for the second quarter and six months ended June 30, 2015. For the quarter, oil was 270 MBbls against 216 MBbls a year ago. Natural gas was 1,470 MMcf against 1,666 MMcf a year ago. NGLs was 99 MBbls against 90 MBbls a year ago. Average net production was 6,747 Boe/d against 6,418 Boe/d a year ago. For the six months, oil was 545 MBbls against 434 MBbls a year ago. Natural gas was 2,988 MMcf against 3,288 MMcf a year ago. NGLs was 189 MBbls against 175 MBbls a year ago. Average net production was 6,807 Boe/d against 6,392 Boe/d a year ago. For the quarter, total revenues were $10,707,000 against $17,391,000 a year ago. Operating loss was $18,928,000 against $3,596,000 a year ago. Loss before taxes was $22,370,000 against $7,299,000 a year ago. Net loss available to unit holders was $22,314,000 against $7,337,000 a year ago. Basic and diluted net loss per limited partner unit was $0.52 against $0.27 a year ago. Adjusted EBITDA was $20,454,000 against $19,636,000 a year ago. Adjusted EBITDA was $20,454,000 against $19,636,000 a year ago. Capital expenditures were $5,096,000. Adjusted EBITDA was $20,454,000. For the six months, total revenues were $46,919,000 against $43,419,000 a year ago. Operating loss was $39,706,000 against operating income of $2,007,000 a year ago. Loss before taxes was $47,268,000 against $4,531,000 a year ago. Net loss available to unit holders was $47,250,000 against $4,643,000 a year ago. Basic and diluted net loss per limited partner unit was $1.35 against $0.17 a year ago. Net cash provided by operating activities was $35,954,000 against $31,663,000 a year ago. Development of oil and natural gas properties was $17,376,000 against $17,094,000 a year ago. Acquisition of oil and natural gas properties was $230,000. Adjusted EBITDA was $40,169,000 against $40,677,000 a year ago. Capital expenditures was $17,376,000. Adjusted EBITDA was $40,169,000. For the quarter, impairment of oil and natural gas properties was $256,000.

LRR Energy, L.P. Announces Cash Distribution for the Second Quarter of 2015, Payable on August 14, 2015

LRR Energy, L.P. announced that the Board of Directors of its general partner declared a cash distribution for the second quarter of 2015 of $0.1875 per outstanding unit, or $0.75 on an annualized basis. The distribution will be paid on August 14, 2015, to all unitholders of record as of the close of business on July 31, 2015.

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