New Source Energy Partners announced today the commencement of its IPO of 4,000,000 common units representing limited partner interests in the Partnership pursuant to a registration statement on Form S-1 previously filed with the Securities and Exchange Commission (SEC). The underwriters will be granted a 30-day option to purchase up to an additional 600,000 common units to cover over-allotments, if any. The common units will be listed on the New York Stock Exchange and traded under the symbol "NSLP."
The Partnership was formed by New Source Energy Corporation to own and acquire oil and natural gas properties in the United States. The common units being offered to the public represent a 53.3% limited partner interest in the Partnership, or a 56.7% limited partner interest if the underwriters exercise their option to purchase additional common units in full.
Baird, Stifel Nicolaus Weisel, BMO Capital Markets and Oppenheimer & Co. are serving as joint book-running managers for the offering.
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