UPDATE: Oppenheimer Initiates New Source Energy Partners at Outperform on Attractive Yield

Oppenheimer initiated coverage on New Source Energy Partners

with an Outperform rating and a $23.00 price target. Oppenheimer commented, "NSLP generates revenue via working interest on its non-operated acreage in the Misener-Hunton formation in east-central Oklahoma. We are initiating coverage of NSLP with an Outperform rating and a $23 PT, as we believe the current yield of 10%, combined with projected distribution growth of 10% over the next two years provide an attractive opportunity for income-seeking investors. We believe NSLP growth will be driven by acquisitions, through its operator's proprietary technology, and via “forced pooling”—a technique used in Oklahoma to increase working interest positions." New Source Energy Partners closed at $19.80 on Monday.