Under the terms of the deal, LRR Energy will acquire commodity hedge contracts, which is currently valued at about $1.7m.
The purchase price, however, will be adjusted based on the value of the hedge contracts at the closing of the transaction, which is expected to occur on or around 3 January 2013.
The deal is subject to customary approvals, the company said.
LRR Energy chairman and Co-CEO Eric Mullins said the transaction includes liquids-weighted, mature properties with a large inventory of low-risk development opportunities.
"The transaction is expected to be immediately accretive to distributable cash flow on a per unit basis," Mullins added.
LRR Energy Co-CEO Charlie Adcock said, "This transaction fits our operational strategy of acquiring long life properties and is a bolt-on to one of our core areas where we have extensive operating expertise and scale."
