LRR Energy (LRE)announced that it 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 $21M, 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 $1.7M. 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, 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 credit facility. Terms of the transaction were approved on November 29 by the Board of Directors of the general partner of LRE and by the Board's conflicts committee, which is comprised entirely of independent directors. The properties are located in Dewey and Custer Counties, Oklahoma. The acquisition is expected to be immediately accretive to distributable cash flow per unit.