Exhibit 99.1

LRR Energy, L.P. Announces 2011 Year End Results and 2012 Guidance

Houston, Texas (March 21, 2012) - LRR Energy, L.P. (NYSE: LRE) (“LRR Energy”) announced today its operating and financial results for the 46-day period from November 16 through December 31, 2011.

Highlights for the 46-day period ended December 31, 2011

·                              Initial public offering (“IPO”) closed on November 16, 2011; 10,608,000 common units were issued to the public for net proceeds of $188.5 million (including a partial exercise of underwriters’ over-allotment option on December 14, 2011)

·                              Average daily production of 5,761 Boe per day

·                              Estimated proved reserves of 28.8 MMBoe as of December 31, 2011 of which 85% were classified as proved developed; 36% liquids; and standardized measure of $342.3 million

·                              Five-year, $500.0 million credit facility with borrowing base of $250.0 million; $155.8 million outstanding as of December 31, 2011

Eric Mullins, Chairman and Co-Chief Executive Officer, commented, “We are very pleased with our successful initial public offering and the ability to offer our unitholders an investment in our long-lived, low-risk oil and natural gas properties that generate stable cash flows. LRR Energy has multiple avenues for growth through our relationships with Lime Rock Resources, Lime Rock Partners and third party oil and natural gas companies.” Charlie Adcock, Co-Chief Executive Officer, reflected that, “Our experienced team has a proven track record of successful acquisitions, skilled exploitation, distributions and capital management. We have a conservative financial strategy and are focused on increasing distributions through reserve and production growth.”

Results for the 46-day period ended December 31, 2011

·                              Average daily production was 5,761 Boe per day resulting in revenues from the sale of oil, natural gas and NGLs of $11.2 million

·                              Adjusted EBITDA was $10.3 million (see reconciliation of Non-GAAP financial measures on page 10)

·                              Total capital expenditures were $0.8 million

·                              Distributable Cash Flow was $8.0 million (see reconciliation of Non-GAAP financial measures on page 10)

·                              Net income was $12.1 million, or $0.54 per basic and diluted weighted average limited partner unit outstanding

·                              Gains on commodity derivative instruments totaled $10.7 million, including $4.0 million of realized gains and $6.7 million of unrealized gains

·                              Lease operating expenses totaled $2.4 million, production and ad valorem taxes totaled $0.8 million, and depletion and depreciation totaled $3.9 million

·                              General and administrative expense was $1.7 million

Proved Reserves

LRR Energy had 28.8 MMBoe of estimated proved reserves as of December 31, 2011. These estimates were calculated using the unweighted arithmetic average first-day-of-the-month closing price for each month of 2011.  The average trailing twelve-month index prices were $96.19/Bbl for NYMEX-WTI and $4.12/MMBtu for NYMEX-Henry Hub natural gas. For NGL pricing, a differential is applied to the $96.19/Bbl average trailing twelve-month index price for oil. The standardized measure of estimated proved reserves was $342.3 million.

Commodity Derivative Contracts

As of December 31, 2011, LRR Energy had the following outstanding derivative contracts.

Recent Events

During the third week in February and through the second week in March, approximately 1,515 Bbls/d and 1.7 MMcf/d of our Red Lake field production was entirely shut-in due to a compression system upgrade at the gas plant that processes our Red Lake field natural gas.

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The upgrade was initially expected to last 7 days, but experienced delays and took 21 days to complete. On an annualized basis, this amount of production represents approximately 105 Boe per day, or approximately 1.8% of the midpoint of our 2012 production guidance. We are currently producing 1,900 Boe per day, which is approximately 105% of pre-curtailment daily production volumes.

Relating to the previously disclosed Pecos Slope field curtailment, approximately 1.3 MMcf/d of production was curtailed in January and February 2012 due to the gas containing a nitrogen percentage greater than our gas purchaser’s specification. Beginning in March, the curtailment was reduced to approximately 0.9 MMcf/d and is expected to remain at this level until the field-wide nitrogen rejection facility is installed. The cumulative curtailment from January to September 2012, on an annualized basis, represents approximately 125 Boe per day, or about 2.1% of the midpoint of our 2012 production guidance. Full restoration of production is expected to occur in October 2012 after a field-wide nitrogen rejection facility is installed by the gas gathering company that gathers and compresses our natural gas in the area. The actual timing and amount of resumed production may differ from these estimates.

During the first quarter of 2012, LRR Energy entered into the following commodity and basis hedges.

Note:  The 2012 NGL hedge consisted of the Mont Belvieu product pentane+

In addition, during the first quarter of 2012, LRR Energy entered into two LIBOR swaps. For February 16, 2012 through February 17, 2015 we hedged $150.0 million at a fixed LIBOR rate of 0.5175%. For February 17, 2015 through February 16, 2017 we hedged $150.0 million at a fixed LIBOR rate of 1.7263%. Under our existing bank credit facility, our LIBOR margin is 1.75% to 2.75% depending on amount of facility outstanding.

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2012 Guidance

Based upon current estimates, LRR Energy expects production to average 5,700 — 6,100 Boe per day during 2012.

During 2012, LRR Energy expects LOE on a BOE of production basis to average $8.50 and $9.00 per Boe.

LRR Energy expects to spend approximately $21.2 million of total capital expenditures on the development of its oil and natural gas properties in 2012, including approximately $18.0 million of maintenance capital expenditures. Maintenance capital expenditures represent our estimate of the amount of capital required on average per year to maintain our production over the long term. We expect to spend the remaining $3.2 million of estimated expenditures primarily on cost cutting projects and potentially growth capital. The estimated capital expenditures for 2012 do not include any amounts for acquisitions of oil and natural gas properties.

The 2012 guidance set forth above sets forth management’s best estimate based on current and anticipated market conditions and other factors.  While LRR Energy believes that these estimates and assumptions are reasonable, they are inherently uncertain and are subject to significant business, economic, regulatory, environmental and competitive risks and uncertainties that could cause actual results to differ materially from those we anticipate, as set forth under “Forward-Looking Statements.”

Cash Distribution

On February 14, 2012, LRR Energy paid a prorated cash distribution of $0.2323 per outstanding unit.  The prorated amount corresponded to LRR Energy’s minimum quarterly cash distribution of $0.4750 per unit, or $1.90 on an annualized basis. The prorated period began on November 17, 2011, the day after the closing date of LRR Energy’s initial public offering, and ended December 31, 2011.

Annual Report

LRR Energy expects to file its Annual Report on Form 10-K with the Securities and Exchange Commission no later than March 30, 2012. The 10-K will be available on the Investor Relations page of LRR Energy’s website www.lrrenergy.com or from the Securities and Exchange Commission website www.sec.gov.

Webcast and Conference Call

LRR Energy will host a webcast and conference call on Thursday, March 22, 2012 at 10:00 a.m. EDT (9:00 a.m. CDT) to discuss these results.  Interested parties are invited to participate in the call by dialing 1-877-493-8071 (conference ID: 59263961). It is recommended that participants dial in approximately 10 minutes prior to the start of the conference call.  Participants may access the webcast, titled “LRR Energy, L.P. 2011 Year End Results Conference Call,” from LRR Energy’s website, www.lrrenergy.com, under the tab for “Investor Relations”.

A telephonic replay will be available after the call through Thursday, March 29, 2012. Participants may access this replay by dialing 1-800-585-8367 (conference ID: 59263961).

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About LRR Energy, L.P.

LRR Energy is a Delaware limited partnership formed in April 2011 by affiliates of Lime Rock Resources to operate, acquire, exploit and develop producing oil and natural gas properties in North America. LRR Energy’s properties are located in the Permian Basin region in West Texas and southeast New Mexico, the Mid-Continent region in Oklahoma and East Texas and the Gulf Coast region in Texas.

Forward-Looking Statements

This press release includes “forward-looking statements” — that is, statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate,” “believe,” “intend,” “expect,” “estimate,” “plan” or “will” or other similar words. Forward looking statements in this press release relate to, among other things, LRR Energy’s expectations regarding future results, the full restoration of production at the Pecos Slope Field, production volumes, lease operating expenses and capital expenditures. Actual results and future events could differ materially from those anticipated in such statements. These forward-looking statements involve certain risks and uncertainties and ultimately may not prove to be accurate. These risks and uncertainties include, among other things, a decline in oil, natural gas or NGL prices, the risk and uncertainties involved in producing oil and natural gas, competition in the oil and natural gas industry, governmental regulations and the risks and uncertainties discussed in the “Risk Factors” section of our Prospectus that was filed with the Securities and Exchange Commission on November 14, 2011. Unless legally required, LRR Energy undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Investor Contacts:

Todd Hassen

Director of Finance

(713) 292-9534

thassen@lrrenergy.com

Jaime Casas

Chief Financial Officer

(713) 345-2126

jcasas@lrrenergy.com

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LRR Energy, L.P.

Selected Operating Data

For the period from November 16 to December 31, 2011

 (unaudited)

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LRR Energy, L.P.

Consolidated Statement of Operations

For the period from November 16 to December 31, 2011

(in thousands, except per unit amounts)

(unaudited)

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LRR Energy, L.P.

Consolidated Statement of Cash Flows

For the period from November 16 to December 31, 2011

(in thousands)

(unaudited)

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LRR Energy, L.P.

Consolidated Balance Sheet

December 31, 2011

(in thousands, except unit amounts)

(unaudited)

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LRR Energy, L.P.

Non-GAAP Reconciliation

For the period from November 16 to December 31, 2011

(in thousands)

(unaudited)

We define Adjusted EBITDA as net income plus income tax expense (benefit); interest expense; depletion and depreciation; accretion of asset retirement obligations; amortization of equity awards; gain (loss) on settlement of asset retirement obligations; unrealized losses on commodity derivative contracts; impairment of oil and natural gas properties less interest income; unrealized gains on commodity derivative contracts and other non-recurring items that we deem appropriate. Distributable Cash Flow is defined as Adjusted EBITDA less income tax expense; cash interest expense, net; realized losses on interest rate swaps; and estimated maintenance capital expenditures.

Adjusted EBITDA and Distributable Cash Flow are used as supplemental financial measures by our management and by external users of our financial statements, such as investors, commercial banks and others, to assess our operating performance as compared to that of other companies and partnerships in our industry, without regard to financing methods, capital structure or historical cost basis; the ability of our assets to generate sufficient cash flow to make distributions to our unitholders; and our ability to incur and service debt and fund capital expenditures.

Adjusted EBITDA and Distributable Cash Flow should not be considered an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Our Adjusted EBITDA and Distributable Cash Flow may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA or Distributable Cash Flow in the same manner. The following table presents a reconciliation of Adjusted EBITDA to net income and net cash provided by operating activities, our most directly comparable GAAP financial performance and liquidity measures, for the period from November 16 to December 31, 2011.

Reconciliation of Adjusted EBITDA to Net Income

Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities

The following table presents a reconciliation of Distributable Cash Flow to Adjusted EBITDA for the period from November 16 to December 31, 2011. Adjusted EBITDA is reconciled to net income and net cash provided by operating activities, our most directly comparable GAAP financial performance and liquidity measures, above.

(1)          Estimated annual maintenance capital is $18 million.  Amount represents pro-rated capital for the 46 day period from November 16 to December 31, 2011.

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