OHA Investment Corporation
Aug 5, 2008

NGP Capital Resources Company Announces Second Quarter 2008 Financial Results and Portfolio Activity

HOUSTON, Aug 05, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- NGP Capital Resources Company (Nasdaq: NGPC) (the "Company") today announced its financial results for the second quarter ended June 30, 2008.

    Highlights for the quarter ended June 30, 2008:

    Stockholders' equity:  $304.4 million
    Net asset value per share:  $14.08

    Operating Results:
    Net increase in stockholders' equity (net assets) from operations:  $5.4
     million
    Net investment income:  $3.8 million
    Net increase in unrealized appreciation on portfolio securities, corporate
     notes and commodity derivative instruments:  $1.6 million
    Dividends declared per common share:  $0.40

    Portfolio and Investment Activity:
    New investments made in portfolio companies during period: $56.1 million
    Total invested in portfolio companies at June 30, 2008:  $334.2 million
    Number of portfolio companies at June 30, 2008:  18


Portfolio and Investment Activity

Since commencement of investment operations in November 2004 through June 30, 2008, the Company has invested approximately $584 million in 27 portfolio companies, and received principal repayments of approximately $250 million. At June 30, 2008, the Company's targeted investment portfolio consisted of 18 portfolio companies totaling $334 million. The Company had commitments to fund an additional $24 million on total committed amounts of $358 million. At June 30, 2008, the total portfolio was invested as follows: 34.9% in senior secured term loans, 5.9% in senior subordinated secured notes, 0.3% in participating convertible preferred stock, 5.5% in member and partnership units, 10.3% in net profits interest, 6.1% in limited term royalty interests, 33.1% in U.S. Treasury Bills, 1.6% in corporate notes, 2.1% in cash and cash equivalents and 0.2% in other investments.

The weighted average yield on targeted portfolio investments was 8.9% at June 30, 2008. The weighted average yield on investments in corporate notes was 5.8% and on investments in U.S. Treasury Bills and cash and cash equivalents was 1.01% as of June 30, 2008. The weighted average yield on the Company's total capital invested at June 30, 2008 was 6.04%.

Operating Results - Quarter ended June 30, 2008

Investment income totaled $8.2 million for the quarter ended June 30, 2008, with $7.5 million attributable to the Company's targeted portfolio investments and $0.7 million attributable to investments in corporate notes, cash and cash equivalents and fee income. Operating expenses for the quarter ended June 30, 2008 were $4.4 million and included $1.8 million of management fees, $1.4 million of interest expense and credit facility fees and $1.2 million of general and administrative expenses. The resulting net investment income was $3.8 million. The Company experienced a net increase in unrealized appreciation of $1.6 million, consisting of a $1.6 million increase in targeted portfolio fair value, a $0.2 million increase in the fair value of corporate notes and a $0.2 million decrease in the fair value of commodity derivative instruments. Overall, the Company had a net increase in stockholders' equity (net assets) resulting from operations of $5.4 million, or $0.24 per share. After giving effect to the $0.40 per common share dividend declared during the quarter, stockholders' equity (net assets) per share as of June 30, 2008 was $14.08.

Subsequent Events

As previously announced, in connection with Resaca Exploitation, Inc.'s ("Resaca") $105.5 million initial public offering of shares of common stock on the Alternative Investment Market of the London Stock Exchange, the Company converted its Senior Subordinated Secured Convertible Term Loan into shares of common stock of Resaca and sold 1.554 million of those shares in the offering for gross proceeds of $4 million. The Company continues to hold 6.8 million shares of Resaca common stock or approximately 6.9% of Resaca's fully diluted common shares having a gross value of $17.0 million based on the closing price of Resaca's common shares on August 4, 2008.

Immediately following its initial public offering, Resaca repaid its Senior Secured Tranche B Term Loan in full and repurchased overriding royalty interests held by the Company. The Company has become Resaca's sole lender, providing it with a $60 million Senior Secured Multiple-Advance Term Loan. At present, approximately $22 million is outstanding under this facility.

The sale of the overriding royalty interest resulted in realized long term capital gains of approximately $2.7 million and the sale of the common stock resulted in short term capital gains of approximately $3.3 million, which will be recognized in the third quarter of 2008. Such gains may result in incentive fees payable to the Manager according to the terms of the investment advisory agreement.

On July 21, 2008, the Company exchanged its $13.4 million Senior Secured Note and warrants for preferred membership interests in DeanLake Operator, LLC ("DeanLake"). In addition, the Company has agreed to make available an additional $3.6 million to DeanLake to be used for capital expenditures on DeanLake's properties.

Conference Call at 11:00 a.m. Eastern Time on August 5, 2008

The Company invites all interested persons to participate in its conference call on August 5, 2008 at 11:00 a.m. Eastern Time. The dial-in number for the call is (877) 627-6585. International callers should dial (719) 325-4867. The pass code for the conference call is 7543625.

The Company will maintain an audio replay of the call from 2:00 p.m. Eastern Time on August 5, 2008 through 12:00 a.m. Eastern Time on August 13, 2008. The replay dial-in number is (888) 203-1112. International callers should dial (719) 457-0820. The replay pass code is 7543625.



                          NGP CAPITAL RESOURCES COMPANY
                           CONSOLIDATED BALANCE SHEETS

                                           June 30, 2008
                                            (Unaudited)    December 31, 2007
    Assets
    Investments in portfolio securities
     at fair value
      (cost: $331,601,471 and
       $277,947,454, respectively)            $338,074,483      $284,228,573
    Investments in corporate notes at
     fair value
      (cost: $11,609,569 and
       $11,631,599, respectively)                8,821,600         8,955,500
    Investments in commodity derivative
     instruments at fair value
      (cost: $1,546,700 and $0,
       respectively)                             1,331,854               -
    Investments in U.S. Treasury Bills,
     at amortized cost which approximates
     fair value                                177,958,876       163,925,625
      Total investments                        526,186,813       457,109,698

    Cash and cash equivalents                   11,108,533        18,437,115
    Accounts receivable                             10,308            17,569
    Interest receivable                          1,383,271           647,839
    Prepaid assets                               1,070,521         2,020,655

      Total assets                            $539,759,446      $478,232,876

    Liabilities and stockholders' equity
     (net assets)
    Current liabilities
      Accounts payable                            $595,572          $928,761
      Management and incentive fees payable      1,838,009         2,032,107
      Dividends payable                          8,651,281         9,012,671
        Total current liabilities               11,084,862        11,973,539

    Long-term debt                             224,250,000       216,000,000

    Total liabilities                          235,334,862       227,973,539

    Commitments and contingencies

    Stockholders' equity (net assets)
      Common stock, $.001 par value,
       250,000,000 shares
       authorized; 21,628,202 and
       17,500,332 shares issued and
       outstanding, respectively                    21,628            17,500
      Paid-in capital in excess of par         307,928,101       245,881,078
      Undistributed net investment
       income (loss)                            (7,854,475)         (103,394)
      Undistributed net realized
       capital gain  (loss)                        859,133           859,133
      Net unrealized appreciation
       (depreciation) of portfolio
        securities, corporate notes and
        commodity derivative instruments         3,470,197         3,605,020

          Total stockholders' equity (net
           assets)                             304,424,584       250,259,337

    Total liabilities and stockholders'
     equity (net assets)                      $539,759,446      $478,232,876

    Net asset value per share                       $14.08            $14.30



                          NGP CAPITAL RESOURCES COMPANY
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

                             For the Three Months    For the Six Months
                                   Ended                  Ended
                          June 30,     June 30,     June 30,   June 30,
                            2008          2007        2008       2007
    Investment income
      Interest income   $8,152,713   $9,507,862  $17,650,679  $17,929,117

      Dividend income            -       93,710            -       93,710

      Other income          44,520      142,237       84,890      197,745


        Total investment
         income          8,197,233    9,743,809   17,735,569   18,220,572


    Operating expenses
      Management fees    1,838,009    1,585,494    3,638,215    3,150,003

      Incentive fees             -    1,054,358            -    1,054,358

      Professional fees    224,390      174,987      433,369      328,583

      Insurance expense    198,812      132,423      397,629      264,846

      Interest expense
       and fees          1,440,572    1,619,226    3,881,648    3,176,422

      State franchise
       taxes                23,196       34,612       32,712       34,593
      Other general and
       administrative
       expenses            713,063      631,491    1,451,664    1,283,063

        Total operating
         expenses        4,438,042    5,232,591    9,835,237    9,291,868


    Net investment income
    (loss)               3,759,191    4,511,218    7,900,332    8,928,704


    Net realized capital
     gain (loss) on
     portfolio securities,
     corporate notes
     and commodity
     derivative
     instruments                 -    6,666,858            -    6,666,858

    Net increase
    (decrease) in
     unrealized
     appreciation
    (depreciation) on
     portfolio
     securities,
     corporate notes
     and commodity
     derivative
     instruments         1,611,339    2,291,165     (134,823)   6,021,150

    Net increase
     (decrease) in
     stockholders'
     equity
     (net assets)
     resulting from
     operations         $5,370,530  $13,469,241   $7,765,509  $21,616,712

    Net increase
     (decrease) in
     stockholders'
     equity (net
     assets)
     resulting from
     operations per
     common share            $0.24        $0.78        $0.38        $1.25



                                           For the Three      For the Six
                                            Months Ended      Months Ended
                                         June 30, June 30,  June 30, June 30,
                                             2008     2007     2008     2007
    Per Share Data (1)

    Net asset value, beginning of period   $14.04   $14.16   $14.30   $13.96

    Increase in net assets as a result of
     secondary public stock offering         0.38      -       0.38      -
    Underwriting discounts and
     commissions related to secondary
     public stock offering                  (0.15)     -      (0.15)     -
    Other costs related to secondary
     public stock offering                  (0.03)     -      (0.03)     -
    Net increase in net assets from
     secondary public offering               0.20      -       0.20      -

    Net asset value after public stock
     offering                               14.24    14.16    14.50    13.96

    Net investment income (loss)             0.17     0.26     0.37     0.51
    Net realized and unrealized gain
     (loss) on portfolio securities,
      corporate notes and commodity
      derivative instruments                 0.07     0.52     0.01     0.74

    Net increase (decrease) in
     stockholders' equity (net assets)
       resulting from operations             0.24     0.78     0.38     1.25

    Dividends declared                      (0.40)   (0.31)   (0.80)   (0.58)

    Net asset value, end of period         $14.08   $14.63   $14.08   $14.63


    (1) Per Share Data is based on common shares outstanding at end of
        period.


About NGP Capital Resources Company

NGP Capital Resources Company is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company's investment portfolio is principally invested in energy related private companies. From time to time, the Company may also invest in public companies. The Company invests primarily in senior secured and mezzanine loans in furtherance of its business plan and in some instances receives equity investments in portfolio companies in connection with such investments. NGP Capital Resources Company is managed by NGP Investment Advisor, LP, an affiliate of NGP Energy Capital Management, L.L.C. NGP Energy Capital Management, L.L.C., based in Irving, Texas, is a leading investment firm with $9.3 billion of cumulative capital under management since inception, serving all sectors of the energy industry.

This press release may contain forward-looking statements. These forward- looking statements are subject to various risks and uncertainties, which could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, the future operating results of our portfolio companies, changes in regional, national or international economic conditions and their impact on the industries in which we invest, or changes in the conditions of the industries in which we invest, and other factors enumerated in our filings with the Securities and Exchange Commission (the "SEC").

We may use words such as "anticipates," "believes," "expects," "intends," "will," "should," "may" and similar expressions to identify forward-looking statements. Undue reliance should not be placed on such forward-looking statements as such statements speak only as of the date on which they are made. We do not undertake to update our forward-looking statements unless required by law.

Persons considering an investment in NGP Capital Resources Company should consider the investment objectives, risks and charges and expenses of the Company carefully before investing. Such information and other information about the Company is available in our annual report on Form 10-K, in our quarterly reports on Form 10-Q and in prospectuses we issue from time to time in connection with our offering of securities. Such materials are filed with the SEC and copies are available on the SEC's website, www.sec.gov. Prospective investors should read such materials carefully before investing.

INVESTMENT CONTACT: Please send investment proposals to: NGP Capital Resources Company, John Homier (jhomier@ngpcrc.com), Kelly Plato (kplato@ngpcrc.com) or Dan Schockling (dschockling@ngpcrc.com), 713-752-0062.


    INVESTOR RELATIONS CONTACT:  Steve Gardner
(investor_relations@ngpcrc.com), 713-752-0062.


SOURCE NGP Capital Resources Company


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