New Source Energy Partners LP | 11.00% Series A Cumulative Convertible Preferred Units (NSLP.PRA)
Prospectus excerpt: Holders of Series A Preferred Units will be entitled to receive, when, as and if declared by the board of directors of our general partner out of funds legally available for payment, cumulative cash distributions at the rate per annum of 11.00% per unit on the liquidation preference of $25.00 per Series A Preferred Unit. Distributions on the Series A Preferred Units will be payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, beginning on July 15, 2015 at such annual rate, and shall accumulate from the most recent date to which distributions have been paid, or if no distributions have been paid, the date of original issuance of the Series A Preferred Units, even if any of our agreements prohibits the current payment of distributions, we do not have earnings or funds legally available to pay such distributions or we do not declare the payment of distributions.
New Source Energy Partners owns and acquires oil and natural gas properties. Co. is engaged in the development and production of onshore oil and natural gas properties across resource reservoirs in east-central Oklahoma. Co.'s oil and natural gas properties consist of non-operated working interests primarily in the Misener-Hunton formation. Co. operates in two reportable operating segments: exploration and production, which focuses on production of oil and natural gas properties; and oilfield services, which provides services during the drilling and completion stages of a well. As of Dec 31 2014, Co. had proved reserves of approximately 16.3 million barrels of oil equivalents.
New Source Energy Partners LP | 11.00% Series A Cumulative Convertible Preferred Units (NSLP.PRA) Information Page | Preferred Stock Channel | www.PreferredStockChannel.com