LRR Energy acquires oil and gas properties in OK for $38.2M

theflyonthewall.com

LRR Energy announced that it signed a definitive agreement to acquire oil and natural gas properties in the Mid-Continent region in Oklahoma and crude oil hedges from its sponsor, Lime Rock Resources, for a purchase price of $38.2M, subject to customary purchase price adjustments. The effective date of the transaction will be April 1, and closing of the transaction is expected to occur on or about April 1. LRE plans to finance the transaction with borrowings under its existing revolving credit facility. Terms of the transaction were approved on March 18, by the board of the general partner of LRE. The Board's conflicts committee, which is comprised entirely of independent directors, approved the terms of the transaction on March 18.

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