According to the law firm press release, New Source Energy Partners L.P. is an independent energy partnership engaged in the production of its onshore oil and natural gas properties that extends across conventional resource reservoirs in east-central Oklahoma and in oilfield services that specialize in increasing efficiencies and safety in drilling and completion processes.
On May 5, 2015, New Source initially priced 1.76 million units of the 11% Series A Cumulative Convertible Preferred Units at $25.00 per unit.
On September 28, 2015, prior to the commencement of trading, New Source announced that due to a pending borrowing base deficiency under its revolving credit facility, it would be prevented from paying the quarterly cash distribution on its 11% Series A Cumulative Convertible Preferred units. As a result of this disclosure, the price of the publicly traded New Source 11% Series A Cumulative Convertible Preferred Units closed at $2.18, down $3.62 on the day.
Plaintiffs filed an amended complaint on June 20, 2016.
On June 19, 2017, the parties entered into a Stipulation of Settlement. Preliminary approval was granted July 27.