NEW YORK, July 30, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on New Source
Energy Partners. (NYSE: NSLP). Select highlights from the
internally released reports are being made available to the general
public (included below), with access to the entirety of the
research available to new members.
Today, membership is open to readers on a complementary basis at
the following URL: http://www.aciassociation.com/?c=NSLP
Highlights from our NSLP Report include:
- Changes to the Board of Directors of General
Partner - On June 30, 2015, New
Source Energy Partners L.P. announced that Charles Lee Reynolds III has retired from his
position as a director on the Board of Directors of New Source
Energy Partners GP, LLC, New Source's general partner, with
immediate effect. Mr. Lee had joined the board in 2014. On the
morning of June 30th, the
Company's stock opened at $3.90 and
moved up to close at $4.27, a cent
lesser than its day's high of $4.28.
The stock fell nearly 10% to $3.85 on
the following day.
- Retaining Key Experience Within the Board -
Concurrent with the news of Mr. Reynolds' retirement, the
Partnership announced the appointment of Mr. Richard D. Finley to the Board, who steps down
from his role as Chief Financial Officer of the Partnership's
general partner. Kristian Kos,
Chairman and CEO of New Source stated that Richard has been a key
member of the New Source team since inception. The Partnership does
not presently intend to name a replacement for Mr. Finley.
- Board Announced Cash Distribution on
Preferred Shares - Previously on June
18, 2015, Board of Directors of its General Partner had
declared a cash distribution for its 11% Series A Cumulative
Convertible Preferred units of $0.5118 per unit. The distribution declared was
based on prorating the quarterly distribution for the period
May 9, 2015 to July 14, 2015. The distribution was made on
July 15, 2015 to all unit holders of
record on July 1, 2015.
- Management Commentary on the Road Ahead - In the Q1
results announcement on May 11, 2015,
Kristian Kos, Chairman and CEO
stated that the challenging conditions within the industry that has
affected its Q1 results are expected to persist through the
entirety of 2015. However, he affirmed that the Partnership is
taking the necessary actions to position itself for growth in the
current environment. Mr. Kos said that the company is pleased with
the steps taken thus far in 2015 and will continue to take prudent
steps to continue to deliver value to its unit holders.
To find out how this influences our rating on New Source Energy
Partners L.P. read the full report in its entirety here:
http://www.aciassociation.com/?c=NSLP
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