New Source Energy Partners buys energy properties from Scintilla LLC
New Source Energy Partners LP (NSLP) is an independent energy firm. The company is focused towards delivering services to its clients through vertically integrated infrastructure and streamlined operations.
Today, New Source Energy Partners announced that it has purchased added working interest from Scintilla LLC. The deal was priced at USD3.8 million for the additional 10% working interest and was funded through borrowings under the current revolving credit facility of the company.
Scintilla LLC is a company controlled by NSLP's chairman, David Chernicky. The purchase was for the 14 newly drilled wells in Golden Lane field, the working interests of which are already owned by NSLP. The acquisition deal was closed last July 23, 2013.
According to the president and CEO of New Source Energy Partners general partner Kristian Kos, the completed deal for the properties would increase chances for NSLP to raise its position in the newly drilled wells, of which could bring the company favorable cost. The deal was unanimously approved by the directors of the NSLP board.