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February 5, 2014
08:36 EDTNSLPNew Source Energy announces second acquisition in Southern Dome Field
New Source Energy Partners announced that it has acquired working interests in 23 producing wells and related undeveloped leasehold rights from an affiliate of Constellation Energy Partners. The properties are located in the Southern Dome field, located in Oklahoma County, Oklahoma. The transaction closed on January 31 with an effective date of August 1, 2013. The purchase price for the acquisition, after closing adjustments, was approximately $18.8M, of which $6.9M was paid in cash at closing, and the remaining $11.9M was paid by delivery of 488,667 common units of the Partnership. In addition, the Partnership also has agreed to pay additional consideration in the fourth quarter of 2014 if certain conditions are satisfied. The additional amount payable by the Partnership, if any, will be based on recently improved average daily production rates from these properties once these improved rates have been verified over a nine-month measurement period ending September 30, 2014, and will be calculated using the base pricing methodology for the acquisition, after accounting for the Partnership’s initial acquisition cost, certain capital expenditures and related costs of capital. Any additional amount owed will be payable in cash and/or additional common units of the Partnership, as determined by the Partnership.
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November 10, 2014
08:02 EDTNSLPNew Source Energy should be bought on weakness, says Oppenheimer
After New Source Energy reported in-line results, Oppenheimer says the company is now more exposed to oilfield services than E&P, reducing its exposure to oil prices. The firm expects the company's distribution to be fully covered through 2016 at $80 oil, and it says the company's debt/EBITDA ratio is below its peers. Oppenheimer keeps a $24 price target and Outperform rating on the shares.

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