Crescent Resources Prices $75 Million Tack On Offering Senior Secured Notes Due 2017

CHARLOTTE, N.C., Feb. 5, 2013 /PRNewswire/ -- Crescent Resources, LLC (the "Company") today announced that the Company and its wholly owned subsidiary, Crescent Ventures, Inc. (together, the "Issuers"), have priced an offering of $75 million aggregate principal amount of their 10.250% senior secured notes due 2017 (the "Notes") at an issue price of 105.50% of the aggregate principal amount of the Notes. The Notes were sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. On August 9, 2012, the Issuers completed a private placement of $350 million aggregate principal amount of their 10.250% senior secured notes due 2017. The Notes and the notes originally issued in August 2012 will be treated as a single class of debt securities under the same indenture. It is anticipated that the offering of the Notes will close on February 8, 2013, subject to customary closing conditions. The Issuers expect to use the net proceeds of the current Notes offering to fund future acquisitions of properties, to make permitted investments and for general corporate purposes.

The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

This press release is for informational purposes only and neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, any securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the securities laws.  Forward-looking statements are not guarantees.  The Company believes that its expectations reflected in the forward-looking statements are based on its reasonable beliefs, assumptions and expectations, and have taken into account all information currently available to the Company.  Such beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of future economic, competitive and market conditions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control.  The Company can give no assurance that any of the events anticipated by its forward-looking statements will occur or, if any of them do, what impact they will have on the Company's results of operations and financial condition.  The Company undertakes no obligation to update or revise its forward-looking statements to reflect events or circumstances that arise after the date of this press release.

SOURCE Crescent Resources, LLC




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