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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