Larry Lee acquired 18.4% stake in New Source Energy Partners L.P. from Deylau, LLC on April 27, 2015. The sale includes an option for Lee to acquire the remaining 51% of New Source currently owned by Deylau, LLC. Upon exercise of the option, Lee and his team will assume full responsibility for the E&P activities of New Source. Robert W. Baird & Co. Incorporated and UBS Investment Bank acted as financial advisors to New Source and Stifel acted as financial advisor to Lee. Jeff Malonson, Ryan Carney, Joe Garcia and Larry Pechacek of Vinson & Elkins LLP acted as legal advisors to New Source Energy Partners L.P. Richards, Layton & Finger, P.A. acted as legal advisor to the Conflicts Committee of the Board of Directors of New Source. Scott Smith, Kelly Labritz, Patrick Manchester, Adele Faure and Rob Heller of Covington & Burling LLP acted as legal advisor for Deylau, LLC. McAfee & Taft A Professional Corporation acted as legal advisor and Steifel acted as financial advisor for Larry Lee.

Larry Lee completed the acquisition of 18.4% stake in New Source Energy Partners L.P. from Deylau, LLC on April 27, 2015.