QR Energy Announces Closing of Acquisition of Oil Properties From Prize Petroleum, LLC

Mon Apr 23, 2012 8:00am EDT

* Reuters is not responsible for the content in this press release.

  HOUSTON, TX, Apr 23 (Marketwire) -- 
QR Energy, LP ("QRE" or "QR Energy") (NYSE: QRE) announced today that on
April 20, 2012, it closed its previously announced acquisition from Prize
Petroleum, LLC (the "acquisition"). QRE acquired predominantly low
decline, long life oil properties, almost all of which are located in the
Ark-La-Tex area, for $226 million in cash after customary purchase price
adjustments. The estimated proved reserves for the acquisition as of
December 31, 2011 on SEC prices are 12.8 MMBoe.

    In conjunction with the acquisition, QRE previously announced a 3%
increase in its quarterly cash distribution attributable to the second
quarter of 2012. QRE also increased the borrowing base under its credit
facility to $730 million, as previously announced.

    About QR Energy, LP

    QR Energy, LP is a publicly traded partnership engaged in the
acquisition, production and development of onshore crude oil and natural
gas properties in the United States. QR Energy is headquartered in
Houston, Texas. For more information, visit QR Energy's website at

    Forward-Looking Statements
 This press release may contain
forward-looking statements within the meaning of federal securities laws.
QR Energy believes that its expectations and forecasts are based on
reasonable assumptions; however, no assurance can be given that such
expectations and forecasts will prove to be correct. A number of factors
could cause actual results to differ materially from the expectations and
forecasts, anticipated results or other forward-looking information
expressed in this press release, including risks and uncertainties
regarding future results, capital expenditures, liquidity and financial
market conditions, sufficiency of cash from operations, adverse market
conditions and governmental regulations. For a more complete list of
these risk factors, please read QR Energy's filings with the Securities
and Exchange Commission ("SEC"), which are available on QR Energy's
Investor Relations website at http://ir.qrenergylp.com or on the SEC's
website at www.sec.gov.


Investor Contacts

Taylor B. Miele
Investor Relations Specialist 
(713) 452-2990

Cedric W. Burgher
Chief Financial Officer 
(713) 452-2200 

Copyright 2012, Marketwire, All rights reserved.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.