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New Source Energy Partners repoorts sale of EPS & RPS for approximately USD44.9m.

M2 EQUITYBITES-December 17, 2015-New Source Energy Partners repoorts sale of EPS & RPS for approximately USD44.9m.

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Energy partnership New Source Energy Partners (OtherOTC:NSLP) that all of the outstanding membership interests in Erick Flowback Services (EFS) and all of the outstanding membership interests in Rod's Production Services (RPS) have been divested for approximately USD44.9m, it revealed on Wednesday.

The company's subsidiary, MidCentral Energy Partners (MCLP), sold all the outstanding membership interests in EFS and all of the outstanding RPS to Erick's Holdings.

This total purchase price of USD44.9m consist of cash consideration of USD5.0m, a promissory note from Erick's Holdings in favor of MCLP in the amount of USD8.0m as well as the assumption and elimination of USD31.9m of certain liabilities of MCLP and its subsidiaries and affiliates.

EFS, an Oklahoma limited liability company, and RPS, a Delaware limited liability company, reportedly specialise in providing services to oil and natural gas exploration and production companies that increase the safety and efficiencies in pressure-related processes during the completion phase of a well, with a specific focus on well testing and flowback services. The companies operate primarily in Oklahoma, Texas, Pennsylvania, and Ohio.

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Publication:M2 EquityBites (EQB)
Date:Dec 17, 2015
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