LRR Energy, L.P. has signed a definitive agreement to acquire oil and natural gas properties in Lincoln and Creek Counties, Oklahoma for a purchase price of $38.0 million, subject to customary purchase price adjustments.
The primary asset, the Stroud Prue Sand Unit ('SPSU'), is a mature oil property and one of the largest Prue Sand waterfloods in Oklahoma. The field was discovered in 1943 and SPSU initial water injection began in 1960. The effective date of the transaction is September 1, 2014, and closing of the transaction is expected to occur on or about October 1, 2014, subject to customary closing conditions.
'We are very excited to announce our first third-party acquisition. We expect this acquisition to be immediately accretive to distributable cash flow per unit and create long-term value for our unitholders.'