Deals - Acquisition, Mergers, Divestitures
LRR Energy Bags Midcontinent Assets for $21MM
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LRR Energy, L.P. has signed a definitive agreement to acquire 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.
As part of the transaction, LRE will acquire commodity hedge contracts that LRE estimates to be currently valued at approximately $1.7 million. The purchase price will be adjusted based on the value of the hedge contracts at the closing of the transaction. The effective date of the transaction is October 1, 2012, and closing of the transaction is expected to occur on or about January 3, 2013, and is subject to customary approvals and closing conditions.
LRE plans to finance the transaction with borrowings under its existing revolving…
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