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New Source Energy Partners Files Plans For IPO Of Up To $106M

 January 02, 2013 02:04 PM


(By Balachander) New Source Energy Partners L.P. has filed to raise up to $106 million in an initial public offering (IPO) of its common units.

The filing with the U.S. federal regulators did not disclose how many units the company plans to offer or the pricing terms.

The company was formed in October 2012 by New Source Energy Corp. to own and acquire oil and natural gas properties in the United States.  Its properties consist of non-operated working interests in the Misener-Hunton formation, a conventional resource reservoir located in east-central Oklahoma.

As of June 30, 2012, New Source Energy Partners said the estimated proved reserves on its properties were roughly 14.2 million barrels of oil equivalent (MMBoe) of which around 58 percent were classified as proved developed reserves and of which about 76.4 percent were comprised of oil and natural gas liquids.

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"Both we and New Source Energy believe that, by spending approximately $8.2 million annually from 2013 through 2016, we will be able to at least maintain our production at an average annual rate of 3,200 Boe/d through 2016," the company said in a regulatory filing.

New Source Energy plans to list its common units on the New York Stock Exchange under the symbol "NSLP."

Robert W. Baird, BMO Capital Markets, Stifel Nicolaus and Oppenheimer & Co. are the joint bookrunners of the offering.

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