New Source Energy Partners L.P. Adjusts Second Quarter Production Guidance Due to Flooding
OKLAHOMA CITY--(BUSINESS WIRE)-- New Source Energy Partners L.P. (NYSE: NSLP) (the Partnership or New Source) today announced that production of several wells located in the Golden Lane Field was taken offline in June, for approximately ten days due to flooding caused by recent storms in Oklahoma. As a result, management is adjusting production guidance to a level of 3,700 Boe/d for the second quarter of 2013 from the prior guidance range of 3,900 Boe/d to 4,100 Boe/d. Production is currently returning to normal levels.
In addition, New Source announced today that the Board of Directors of the general partner has approved the increased second quarter 2013 distribution of $0.55 per unit, or $2.20 per year on an annualized basis, for all outstanding units. The prior minimum quarterly distribution was $0.525 per unit, or $2.10 on an annualized basis. Management maintains their recommendation that the Board of Directors of the general partner also increase the third quarter 2013 distribution to $0.575 per unit, or $2.30 per year on an annualized basis, for all outstanding units.
About New Source Energy Partners L.P.
New Source Energy Partners L.P. is an independent energy company focusing on delivery through streamlined operations and vertically integrated infrastructure. The Partnership is actively engaged in the development and production of our onshore oil and liquids-rich portfolio that extends across conventional resource reservoirs in east-central Oklahoma. For more information on the Partnership please visit www.newsource.com.
This news release contains forward-looking statements which are based on current plans and expectations and involve a number of risks and uncertainties that could cause actual results and events to vary materially from the results and other statements contained in this press release. For a full discussion of these risks and uncertainties, please refer to the Risk Factors section of the Partnerships Annual Report on Form 10-K for the year ended December 31, 2012 and the information included in the Partnerships quarterly and current reports and other public filings. These forward-looking statements are based on and include the Partnerships expectations as of the date hereof. Subsequent events and market developments could cause the Partnerships expectations to change. While the Partnership may elect to update these forward-looking statements at some point in the future, the Partnership specifically disclaims any obligation to do so, even if new information becomes available, except as may be required by applicable law.
Investors & Media:
Nick Hodapp, 405-272-3028
Director of Investor Relations
Source: New Source Energy Partners L.P.Copyright Business Wire 2013