New Source Energy Partners (NSLP) Files $106M IPO
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New Source Energy Partners L.P. (NYSE: NSLP) filed a registration with the U.S. Securities and Exchange Commission for an Initial Public Offering of its Common Units. The proposed maximum offering price is $106.26 million. New Source Energy Partners plans to list on the New York Stock Exchange under the ticker, "NSLP."
The offering is being made through Baird, Stifel Nicolaus Weisel, BMO Capital Markets, Oppenheimer & Co., Janney Montgomery Scott, Stephens Inc., and Wunderlich Securities.
Brief asset rundown from the S-1 filing: "As of June 30, 2012, we had 89,116 gross (31,554 net) acres, of which 6,796 gross (2,323 net) acres were undeveloped. As of June 30, 2012, we had 127 gross (28.5 net) proved undeveloped drilling locations, of which 66 gross (20.7 net) were infill drilling locations. Pursuant to a development agreement we will enter into at the closing of this offering, New Source Energy will have control over our drilling program and the sole right to determine which wells are drilled based on our annual drilling budget that will be determined and periodically updated by our general partner. Pursuant to our development agreement with the New Source Group, during each of our fiscal years ending December 31, 2013 through December 31, 2016, we have agreed to spend an average of $8.2 million to drill certain of our proved undeveloped locations and maintain our producing wells. 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."
New Source Energy Partners is a Delaware limited partnership formed in October 2012 by New Source Energy to own and acquire oil and natural gas properties in the United States.
The offering is being made through Baird, Stifel Nicolaus Weisel, BMO Capital Markets, Oppenheimer & Co., Janney Montgomery Scott, Stephens Inc., and Wunderlich Securities.
Brief asset rundown from the S-1 filing: "As of June 30, 2012, we had 89,116 gross (31,554 net) acres, of which 6,796 gross (2,323 net) acres were undeveloped. As of June 30, 2012, we had 127 gross (28.5 net) proved undeveloped drilling locations, of which 66 gross (20.7 net) were infill drilling locations. Pursuant to a development agreement we will enter into at the closing of this offering, New Source Energy will have control over our drilling program and the sole right to determine which wells are drilled based on our annual drilling budget that will be determined and periodically updated by our general partner. Pursuant to our development agreement with the New Source Group, during each of our fiscal years ending December 31, 2013 through December 31, 2016, we have agreed to spend an average of $8.2 million to drill certain of our proved undeveloped locations and maintain our producing wells. 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."
New Source Energy Partners is a Delaware limited partnership formed in October 2012 by New Source Energy to own and acquire oil and natural gas properties in the United States.
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Stifel, Robert W Baird, BMO Capital, Janney Montgomery Scott, Stephens Inc., Wunderlich Securities, S1Sign up for StreetInsider Free!
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