July 26, 2014 2:18 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, 2013, the company had total estimated proved reserves of approximately 30.1 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: 61
Total Annual Compensation: $82.8K
Chairman of LRE GP LLC and Co-Chief Executive Officer of LRE GP LLC
Age: 52
Total Annual Compensation: $77.2K
Chief Financial Officer of LRE GP LLC
Age: 44
Total Annual Compensation: $492.0K
Chief Operating Officer of LRE GP LLC and Vice President of LRE GP LLC
Age: 54
Total Annual Compensation: $133.4K
Chief Engineer of LRE GP LLC and Vice President of LRE GP LLC
Age: 53
Total Annual Compensation: $110.8K
Compensation as of Fiscal Year 2013.

LRR Energy, L.P. Key Developments

LRR Energy, L.P. Announces Quarterly Cash Distribution, Payable on August 14, 2014

LRR Energy announced that the Board of Directors of its general partner declared an increased cash distribution for the second quarter of 2014 of $0.4950 per outstanding unit, or $1.98 on an annualized basis. The distribution will be paid on August 14, 2014, to all unitholders of record as of the close of business on July 31, 2014.

LRR Energy, L.P. Announces Entry into A Material Definitive Agreement

On June 6, 2014, LRR Energy, L.P. entered into the third amendment to second lien credit agreement by and among the partnership, as parent guarantor, LRE Operating, LLC, as borrower, the lenders from time to time party thereto and Wells Fargo Energy Capital Inc., as administrative agent, that, among other things, amends the term loan agreement to exclude certain sales of common units representing limited partner interests in the Partnership made on and before September 30, 2014 from compliance with the mandatory prepayment provision under the term loan agreement that requires the partnership to use 50% of the net cash proceeds from any equity offering to repay borrowings outstanding under the term loan agreement. The foregoing description of the third amendment is not complete and is qualified in its entirety by reference to the full text of the third amendment.

LRR Energy, L.P. Announces Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2014; Provides Production and Capital Expenditure Guidance for the Full Year of 2014

LRR Energy, L.P. announced unaudited consolidated earnings and production results for the first quarter ended March 31, 2014. For the quarter, the company reported total revenues of $26,028,000 compared to $17,780,000 a year ago. Operating income was $5,603,000 compared to operating loss of $4,847,000 a year ago. Income before taxes was $2,768,000 compared to loss before taxes of $6,997,000 a year ago. Net income available to unit holders was $2,694,000 or $0.10 per basic and diluted share compared to net loss available to unit holders of $7,450,000 or $0.32 per basic and diluted share a year ago. Net cash provided by operating activities was $16,126,000 compared to $11,151,000 a year ago. Development of oil and natural gas properties was $6,803,000 compared to $4,387,000 a year ago. Adjusted EBITDA was $21,041,000 compared to $16,242,000 a year ago. Distributable cash flow was $13,353,000 compared to $8,860,000 a year ago. For the first quarter, total cash capital expenditures totaled $6.8 million. The majority of the capital was invested in Red Lake field. For the quarter, the company reported oil production of 218 MBbls, natural gas production of 1,622 MMcf, NGLs production of 85 MBbls and average net production of 6,367 Boe/d against oil production of 188 MBbls, natural gas production of 1,808 MMcf, NGLs production of 72 MBbls and average net production of 6,233 Boe/d a year ago. For full year of 2014, company still expect production to average between 6,400 and 6,600 Boe per day, LOE to average between $10.50 and $11 per Boe. For 2014 capital budget is $34 million.

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