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NEW SOURCE ENERGY PARTNERS L.P. FILES (8-K) Disclosing Change in Directors or Principal Officers(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On October 28, 2014, the board of directors of New Source Energy GP, LLC (the "Company"), the general partner of New Source Energy Partners L.P. (the "Partnership"), promoted Dikran Tourian, age 37, to President and Chief Operating Officer of the Company. Prior to his appointment, Mr. Tourian served as the Company's President - Oilfield Services Division. Mr. Tourian is also a member of the Company's board of directors. Mr. Tourian joined the Company in November 2013 in connection with the Partnership's acquisition of MCE, LP, an oilfield services company specializing in increasing efficiencies and safety in drilling and completing processes that Mr. Tourian co-founded in 2010. Mr. Tourian has founded and sold numerous businesses since 2000, including a sale to Compass Diversified Holdings (NYSE: CODI) in 2007. On June 26, 2014, the Partnership acquired 100% of the equity interest in MidCentral Completion Services, LLC ("MCCS"), an oilfield services company that specializes in providing services, primarily installation and pressure testing, to oil and natural gas exploration and production companies. Mr. Tourian owned 50% of the equity interest in MCCS prior to its acquisition by the Partnership. As consideration for the acquisition, the Partnership issued 33,646 common units, valued at $23.45 per unit based on the closing price for the Partnership's common units on the date of the acquisition, to the former owners of MCCS. In addition, the former owners of MCCS are entitled to receive additional common units in the second quarter of 2015 based on a specified multiple of the annualized EBITDA of MCCS for the trailing nine month period ending March 31, 2015, less certain adjustments, subject to a $4.5 million cap. Item 9.01 Financial Statements and Exhibits. (d) Exhibits: 99.1 Press release dated October 30, 2014. -------------------------------------------------------------------------------- |