New Source Energy buys CEO's company for $44 mln

HOUSTON Thu Nov 14, 2013 10:58am EST

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HOUSTON Nov 14 (Reuters) - New Source Energy on Thursday said it has purchased an oilfield services company for $44 million in cash and common units from a group of owners that includes Kristian Kos, its chief executive officer.

New Source Energy, an exploration and production master limited partnership (MLP) based in Oklahoma City, Oklahoma, bought MCE LP for $3.8 million in cash and 1.8 million common units. MCE's former owners are also eligible for additional payout if the company hits certain financial targets.

The deal was unanimously approved by New Source's board of directors.

A spokesman for the company declined to provide additional details.

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