LRR Energy fund oil & gas properties will revolving credit facility

By Tali Rackner

Norfolk, Va., Sept. 2 – LRR Energy, LP said it plans to use borrowings under its $500 million revolving credit facility to fund its acquisition of oil and natural gas properties in Lincoln and Creek Counties, Okla., for $38 million, according to a press release.

The facility has a borrowing base of $235 million prior to any increase for this acquisition.

LRR said management believes cash flow from operations, the capacity under the revolving credit facility and the proceeds from its At-the-Market Offering Program will provide ample financial flexibility to execute its 2014 capital program and distribution strategy.

LRR Energy is a Houston-based limited partnership formed by affiliates of Lime Rock Resources to operate, acquire, exploit and develop producing oil and natural gas properties in North America.

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