LRR Energy LP (NYSE: LRE) detailed its second-quarter 2014 financial results, the company said July 31. The quarter ended June 30, the company added.
On July 31, there was $190 million in outstanding revolving credit facility borrowings, and $50 million in outstanding term loan borrowings, the company said. There is $45 million in borrowing capacity under the facility, LRR added.
The cash flow from operations, the borrowings and the proceeds from its at-the-market offering program will support the capital program for the remainder of the year and distributions, LRR said
The guidance for the remainder of the year was increased by $3.5 million, the company said, noting that it reflected increased capital development. The bulk of that amount will support Red Lake Field and Putnam Field operations, the company added. In the fourth quarter, four more wells will be drilled in Red Lake, the company said, noting that it will participate in two additional nonoperated horizontal wells in Putnam Field.
Houston-based LRR Energy LP was formed by affiliates of Lime Rock Resources, also based in Houston. It operates, acquires and develops North American oil and natural gas.
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