LRR Energy, L.P. Announces Closing of Acquisition of Oil and Gas Properties in Oklahoma and Increased Borrowing Base

LRR Energy, L.P. (NYSE: LRE) ("LRE") announced today that it closed its previously announced acquisition of oil and natural gas properties in the Stroud field located in Lincoln and Creek Counties, Oklahoma, for a purchase price of $38.0 million subject to customary purchase price adjustments.

In connection with the closing of the acquisition, LRE amended its $500 million senior secured revolving credit facility (the “Credit Facility”) and second lien credit agreement (the “Term Loan”). The Credit Facility amendment increased the maximum amount of the Credit Facility to $750 million and extended the term to October 1, 2019. LRE’s lending group also increased the Credit Facility borrowing base from $235 million to $260 million. The Term Loan requires that 50% of net cash proceeds from any equity offering be used to repay Term Loan borrowings outstanding. The Term Loan amendment waived this requirement through March 31, 2015. The amendment also extended the maturity date of the Term Loan to April 1, 2020.

As of October 1, 2014, LRE has $233 million of outstanding borrowings under its Credit Agreement and $50 million of outstanding borrowings under its Term Loan. As of October 1, 2014, LRE has $27 million available under its Credit Agreement and approximately $6 million of available cash. Management has the option to supplement LRE’s liquidity through its current At-the-Market Offering Program (the “ATM Program”). Management believes cash flow from operations, the capacity under the Credit Agreement and the proceeds from the ATM Program will provide ample financial flexibility to execute its 2014 capital program and distribution strategy.

In connection with the acquisition, LRE entered into the following commodity hedges:

About LRR Energy, L.P.

LRR Energy is a Delaware limited partnership formed in April 2011 by affiliates of Lime Rock Resources to operate, acquire, exploit and develop producing oil and natural gas properties in North America. LRR Energy's properties are located in the Permian Basin region in West Texas and Southeast New Mexico, the Mid-Continent region in Oklahoma and East Texas and the Gulf Coast region in Texas.

Forward-Looking Statements

This press release includes "forward-looking statements" — that is, statements related to future events. Forward-looking statements are based on the current expectations of LRR Energy and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business, operational and financial performance, and often contain words such as "may," "predict," "pursue," "expect," "estimate," "project," "plan," "believe," "intend," "achievable," "anticipate," "target," "continue," "potential," "should," "could" and other similar words. Forward-looking statements involve certain risks and uncertainties, and ultimately may not prove to be accurate. These risks and uncertainties include, among other things, a decline in oil, natural gas or NGL prices, the risk and uncertainties involved in producing oil and natural gas, competition in the oil and natural gas industry, governmental regulations and other factors. Actual results and future events could differ materially from those anticipated or implied in the forward-looking statements due to the factors described under the captions "Risk Factors" in LRR Energy's Annual Report on Form 10-K for the year ended December 31, 2013 and LRR Energy's subsequent filings with the SEC. All forward-looking statements speak only as of the date of this press release. LRR Energy does not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement.