Current Report Filing (8-k)
March 28 2017 - 4:14PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): March 28, 2017
Sanchez Production Partners LP
(Exact name of registrant as specified in its charter)
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Delaware
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001-33147
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11-3742489
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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1000 Main Street, Suite 3000
Houston, TX
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77002
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(Address of principal executive offices)
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(Zip Code)
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Registrants telephone number, including area code: (713)
783-8000
(Former name
or former address, if changed since last report.)
Check the appropriate box below
if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
Officer Appointment
On March 28, 2017, Sanchez Production Partners LP (the Partnership) issued a press release announcing that the board of
directors of the general partner of the Partnership (the General Partner) had appointed Patricio D. Sanchez, age 36, as President & Chief Operating Officer. Mr. Sanchez had previously served as the Chief Operating Officer
of the General Partner since May 2015.
Mr. Sanchez has been a member of the board of directors of the General Partner since June of
2015. Mr. Sanchez has also served as the
co-president
of Sanchez Oil & Gas Corporation since June 2014 and prior to that from April 2010 to June 2014 as Executive Vice President. Mr. Sanchez
has served as an Executive Vice President of Sanchez Energy Corporation since November 2016. Mr. Sanchez has also been the managing member of Santerra Holdings, LLC, an oil and gas production company, since February 2012.
Mr. Sanchez is the brother of Antonio R. Sanchez, III, the Chairman of the board of directors of the General Partner, and the brother of
Eduardo Sanchez, a director of the General Partner. The Partnership has entered into a services agreement (the Services Agreement) with SP Holdings, LLC (the Manager) pursuant to which the Manager provides services that the
Partnership requires to operate its business. The Manager is the sole member of the General Partner. The sole manager and member of the Manager is SP Capital Holdings, LLC. Mr. Sanchez is a
co-manager
of
SP Capital Holdings, LLC, along with his brothers and father, Antonio R. Sanchez, Jr. Mr. Sanchez owns 26% of SP Capital Holdings, LLC. Since January 1, 2016, the Partnership has paid the Manager $0.9 million in cash and issued the
Manager 649,865 common units in lieu of cash under the Services Agreement. The Manager also holds all of the Partnerships incentive distribution rights issued pursuant to the Partnerships agreement of limited partnership.
Mr. Sanchez is an employee of Sanchez Oil & Gas Corporation (SOG), which provides services to the Partnership, with
the amount of Mr. Sanchezs base salary allocated to the Partnership being $400,000. SOG also provides a basic benefits package generally to all employees, which includes a 401(k) plan and health, disability and life insurance.
A copy of the press release announcing Mr. Sanchezs appointment is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
Item 9.01
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Financial Statements and Exhibits.
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Exhibit
No.
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Exhibit
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99.1
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Press Release dated March 28, 2017
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2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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SANCHEZ PRODUCTION PARTNERS LP
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By:
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Sanchez Production Partners GP LLC,
its general partner
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Date: March 28, 2017
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By:
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/s/ Charles C. Ward
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Charles C. Ward
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Chief Financial Officer
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3
Exhibit Index
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Exhibit
No.
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Exhibit
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99.1
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Press Release dated March 28, 2017
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4
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