LRR Energy, L.P. Who is Lime Rock Lime Rock Management Lime Rock Founded in 1998 Manages 3.9 billion of private capital Lime Rock Partners Lime Rock Resources LRR Energy, L.P. LRP LRR LRE 3.0 billion capital Formed in 2005…
LRR Energy, L.P. LRR Energy, L.P. Upstream MLP formed in November 2011 (NYSE: LRE) Operate, acquire, exploit and develop mature oil and gas properties Experienced team with proven acquisition, operational and exploitation track…
LRR Energy, L.P. Recent Events 67 million acquisition from Lime Rock Resources Closed purchase of Permian Basin and onshore Gulf Coast assets Immediately accretive to distributable cash flow per unit Bolt-on acquisition of…
LRR Energy, L.P. Production Update Red Lake Field Field was completely shut-in for 3 weeks in February and March due to a compression system upgrade at the gas plant that processes our natural gas Production impact was 1,515…
LRR Energy, L.P. Recent Acquisition Property Summary Total Package April 2012 Production (Boe/d) 765 Corral Canyon Proved Reserves (MBoe) 1,728 April 2012 Production (Boe/d) 606 % Proved Developed Producing 92% Proved Reserves…
LRR Energy, L.P. Pro Forma Property Summary Mid Continent April 2012 Production (Boe/d) 2,038 LRE Total Proved Reserves (MMBoe) 10.0 April 2012 Production (Boe/d) 6,646 % Proved Developed 94% Proved Reserves (MMBoe) 30.6 %…
LRR Energy, L.P. Quality Assets Shallow production decline Low Risk, Mature Assets 86% proved developed reserves 12.6 R/P Focused operations and diversified geographically Focused Portfolio Three operating areas with scale…
LRR Energy, L.P. Permian Basin Region1 Key fields: Red Lake, Pecos Slope, Corral Canyon Proved reserves: 16.8 MMBoe (55% of total) R/P Ratio: 12.8 years LRE operated: 93% of value 152 gross development projects & 174 gross…
LRR Energy, L.P. Significant Growth Potential Acquisition Sources Drop-downs Joint Bids Acquisitions Acquisitions from with from from Third Lime Rock Lime Rock Lime Rock Parties Resources Resources Partners 18.3 MMBoe of…
LRR Energy, L.P. Conservative Financial Strategy Capital required to maintain production Maintenance Estimated 21 million per year Capital Estimate based on internal development inventory Target debt/Adjusted EBITDA…
LRR Energy, L.P. Hedge Portfolio Natural Gas Hedges 96% of current PDP is hedged 10 through 2016 8 Assuming flat production1, total Production (Bcf) 93% 6 73% production is hedged 92% in 2012, 4 66% 61% 90% in 2013,…
LRR Energy, L.P. 2012 Guidance and Pro Forma Capitalization 2012 Guidance Daily Production (Boe/d) 5,900 - 6,300 Lease Operating Expenses (/Boe) 9.25 - 9.75 Maintenace Capital ( MM) 19.8 Other Capital ( MM) 5.9 Total Capital…
LRR Energy, L.P. Upstream MLP Yields1 LRE's current yield is attractive compared to peers 1 Based on unit prices as of 7/5/2012 and most recently announced quarterly distribution. 15
LRR Energy, L.P. Why LRE MLP Conservative Quality Growth Proven Financial Assets Potential Management Strategy Stable, low-risk Multiple avenues Experienced and Distributions and predictable for growth incentivized supported by:…
Appendix Appendix 17
Appendix Management Team & Board of Directors Executive Leadership Years of Name and Position Experience Select Prior Experience Eric Mullins 21 Lime Rock Resources; Goldman Sachs Co-CEO and Chairman Charles Adcock 35 Lime Rock…
Appendix Summary Organization Lime Rock Management LP 100% Class A Member Interest LRE GP, LLC Lime Rock Resources (LRR) Incentive Distribution Rights Fund I Common Units Subordinated Units 0.1% GP Interest 52.4% LP…
Appendix Commodity Hedges Current Hedge Position (Swaps, Collars & Puts) 2H 2012 2013 2014 2015 2016 NYMEX HH GAS Swaps Gas (MMBtu) 2,080,305 7,267,590 5,876,099 5,326,561 4,878,990 Wt Avg Price 5.67 5.15 5.52 5.71 4.28…
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