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Stock Market & Financial Investment News

News Breaks
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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October 14, 2014
11:09 EDTNSLPNew Source Energy management to meet with Oppenheimer
Meeting to be held in Oklahoma City on October 21 hosted by Oppenheimer.

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