OKLAHOMA CITY, July 29, 2015 /PRNewswire/ -- New Source
Energy Partners L.P. (NYSE: NSLP) (the "Partnership" or "New
Source") announced today that the Board of Directors of its General
Partner has decided to suspend the cash distribution on common
units.
Kristian Kos, Chairman and Chief
Executive Officer said: "The continued low commodity price
environment coupled with current market conditions have led the
Board of Directors to suspend the cash distribution on our common
units. Preservation of this capital allows the Partnership to
focus on executing our plan to restructure the business and
position the Partnership for growth. We will continue to analyze
accretive acquisitions to grow the E&P business while we
explore the best opportunity to execute our restructuring plan to
deliver value to our unitholders via a potential monetization or
spin-out of our OFS business."
Under the terms of the Partnership's 11.00% Series A Cumulative
Convertible Preferred Units, a spin-out of the Partnership's OFS
business occurring prior to either 2100 Energy, LLC having caused
at least $100 million of oil and
natural gas assets (less certain adjustments) to be transferred to
a subsidiary of the Partnership, or December
31, 2016, would require approval by the holders of the
preferred units.
Second Quarter 2015 Financial Results and Conference
Call
The Partnership will release second quarter 2015 financial
results on Monday, August 10, 2015
prior to the open of the New York Stock Exchange. The release will
be followed by a conference call for investors at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss the
Partnership's second quarter results. Hosting the call will
be Kristian B. Kos, Chairman and
Chief Executive Officer, Dikran
Tourian, President and Chief Operating Officer, and
Amber Bonney, Principal Accounting
Officer.
The call can be accessed live over the telephone by dialing
(877) 407-4018, or for international callers, (201) 689-8471. A
replay will be available shortly after the call and can be accessed
by dialing (877) 870-5176 or for international callers, (858)
384-5517. The passcode for the replay is 13616090. The replay will
be available until August 24,
2015.
Interested parties may also listen to a simultaneous webcast of
the conference call by logging onto the Partnership's website at
www.newsource.com in the Investors–Presentations link. A replay of
the webcast will also be available for approximately 30 days
following the call.
About New Source Energy Partners L.P.
New Source Energy Partners L.P. is an independent energy
partnership engaged in the production of its onshore oil and
natural gas properties that extends across conventional resource
reservoirs in east-central Oklahoma and in oilfield services that
specialize in increasing efficiencies and safety in drilling and
completion processes. For more information on the Partnership,
please visit www.newsource.com.
Forward-Looking Statements
This news release contains "forward-looking statements" which
are based on current plans and expectations and involve a number of
risks and uncertainties that could cause actual results and events
to vary materially from the results and other statements contained
in this press release. For a full discussion of these risks and
uncertainties, please refer to the "Risk Factors" section of the
Partnership's Annual Report on Form 10-K for the year ended
December 31, 2014 and the information
included in the Partnership's quarterly and current reports and
other public filings. These forward-looking statements are based on
and include the Partnership's expectations as of the date hereof.
Subsequent events and market developments could cause the
Partnership's expectations to change. While the Partnership may
elect to update these forward-looking statements at some point in
the future, the Partnership specifically disclaims any obligation
to do so, even if new information becomes available, except as may
be required by applicable law.
Note to Non-United States Investors: This press release is
intended to be a qualified notice under Treasury Regulation Section
1.1446-4(b). Brokers and nominees should treat one hundred percent
(100%) of New Source Energy Partners L.P.'s distributions to
non-U.S. investors as being attributable to income that is
effectively connected with a United
States trade or business. Accordingly, New Source
Energy Partners L.P.'s distributions to non-U.S. investors are
subject to federal income tax withholding at the highest applicable
effective tax rate.
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SOURCE New Source Energy Partners L.P.