CrownRock, L.P. Announces New Credit Agreement

PRESS RELEASE


CrownRock, L.P. Announces New Credit Agreement with Extended Maturity Date, Increased Borrowing Base and Commitment Size, and Decreased Interest Margins


MIDLAND, TX—February 11, 2019 /PRNewswire/—CrownRock, L.P . (“CrownRock” or the “Partnership”) announced today that it has entered into an amended and restated credit agreement with respect to the senior secured revolving credit facility (the “Facility”). The agreement extends the maturity date of the Facility until February 8, 2024, increases the borrowing base by 19% to $850 million and increases the maximum commitments of the lenders from $1 billion to $2 billion. Additionally, the interest rate margins on borrowings under the Facility decreased by 100 basis points. The increase in the borrowing base amount reflects the significant reserve growth from the Partnership’s existing Midland Basin assets.

CrownRock has initially elected an aggregate commitment amount of $600 million, an increase of $100 million from the previous elected commitment amount. The Facility is led by JPMorgan Chase Bank, N.A., as Administrative Agent, and co-arranged by JPMorgan Chase Bank, N.A., BMO Capital Markets Corp., Capital One, National Association, Citibank, N.A., MUFG Union Bank, N.A., PNC Bank, National Association, TD Securities (USA) LLC and Wells Fargo Securities LLC. The bank syndicate includes three new lending institutions for a total of 16 participating banks. CrownRock currently has no outstanding borrowings under the Facility.

CrownRock has pledged substantially all of its producing oil and natural gas properties to secure the repayment of indebtedness under the revolving credit facility.

About CrownRock, L.P.

CrownRock is an independent oil and natural gas company headquartered in Midland, Texas engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties. The Company’s assets are located in Texas, New Mexico and Utah, and its operations are primarily focused on the development of its core Permian Basin assets.

Source: CrownRock, L.P.

Curt F. Kamradt, CPA, CGMA
VP — Finance & Chief Accounting Officer CrownQuest Operating, LLC
Direct Ph.: 432-818-0344
E-mail: ckamradt@crownquest.com

US 5245179v.4

CrownRock Announces Pricing of Private Offering of Additional Senior Notes Due 2025

MIDLAND, Texas, May 17, 2018 /PRNewswire/ — CrownRock, L.P. (“CrownRock”), an oil and gas producing joint venture of CrownQuest Operating and Lime Rock Partners, today announced the pricing of its private offering of $185 million aggregate principal amount of 5.625% senior notes due 2025 (the “new notes”) at an issue price of 98.260% of par. The new notes are being offered as additional notes to the existing $1 billion aggregate principal amount of 5.625% senior notes due 2025 that were issued in October 2017, all of which remain outstanding (the “existing notes”). The new notes will have identical terms, other than the issue date and issue price, and will constitute part of the same class as the existing notes. CrownRock intends to use the proceeds from the offering for general partnership purposes, including the funding of a portion of its capital development plan. The offering is expected to close on May 22, 2018, subject to the satisfaction of customary closing conditions.

The new notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws; and unless so registered, the new notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The new notes are expected to be eligible for trading by qualified institutional buyers under Rule 144A under the Securities Act and non-U.S. persons under Regulation S under the Securities Act.

This press release is neither an offer to sell nor a solicitation of an offer to buy the new notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the new notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

CrownRock Announces Private Offering of Additional Senior Notes Due 2025

MIDLAND, Texas, May 17, 2018 /PRNewswire/ — CrownRock, L.P. (“CrownRock”), an oil and gas producing joint venture of CrownQuest Operating and Lime Rock Partners, today announced the commencement of a private offering, subject to market and other conditions, of $150 million principal amount of 5.625% senior notes due 2025 (the “new notes”). The new notes are being offered as additional notes to the existing $1 billion aggregate principal amount of 5.625% senior notes due 2025 that were issued in October 2017, all of which remain outstanding (the “existing notes”). The new notes will have identical terms, other than the issue date and issue price, and will constitute part of the same class as the existing notes. CrownRock intends to use the proceeds of the proposed offering for general partnership purposes, including the funding of a portion of CrownRock’s capital development plan.

The securities to be offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws; and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The new notes are expected to be eligible for trading by qualified institutional buyers under Rule 144A under the Securities Act and non-U.S. persons under Regulation S under the Securities Act.

This press release is neither an offer to sell nor a solicitation of an offer to buy the new notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the new notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.