----

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| Delaware(State or other jurisdictionof incorporation or organization)               |   | 20–4745690(I.R.S. Employer Identification No.) |
|-------------------------------------------------------------------------------------|--------|------------------------------------------------------|
|                                                                                |   |                                                 |
| 1001 Fannin, Suite 800, Houston, Texas(Address of principal executive offices) |   | 77002(Zip Code)                                      |

| Large accelerated filer þ |   | Accelerated filer o |   | Non-accelerated filer o |   | Smaller reporting company o |
|--------------------------------|--------|---------------------|--------|-------------------------|--------|-----------------------------|

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| PART I.  FINANCIAL INFORMATION                                                                       |   |   |
|----------------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                                           |   |   |
| Item 1.  Condensed Consolidated Financial Statements (unaudited)                                     |   | 2      |
| Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations |   | 16     |
| Item 3.  Quantitative and Qualitative Disclosures About Market Risk                                  |   | 21     |
| Item 4.  Controls and Procedures                                                                     |   | 22     |
|                                                                                                           |   |   |
| PART II.  OTHER INFORMATION                                                                          |   |   |
|                                                                                                           |   |   |
| Item 1.  Legal Proceedings                                                                           |   | 23     |
| Item 1A.  Risk Factors                                                                               |   | 23     |
| Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds                                 |   | 23     |
| Item 3.  Defaults Upon Senior Securities                                                             |   | 23     |
| Item 4.  (Removed and Reserved)                                                                      |   | 23     |
| Item 5.  Other Information                                                                           |   | 23     |
| Item 6.  Exhibits                                                                                    |   |   |
|                                                                                                           |   |   |
| Signatures                                                                                                     |   | 24     |

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|                                                                                                                                               |   | March 31, |      |   | December 31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|-----------|--------|-------------------|--------|
|                                                                                                                                               |   | 2011           |      |   | 2010              |   |
| ASSETS                                                                                                                                             |   |           |      |   |              |   |
| Current assets:                                                                                                                                    |   |           |      |   |              |   |
| Cash and cash equivalents                                                                                                                          |   | $              | 29,485    |   |              | $      | 23,127 |   |
| Accounts receivable:                                                                                                                               |   |           |      |   |              |   |   |   |
| Oil, natural gas and natural gas liquids revenues                                                                                                  |   |           | 33,249    |   |              |   | 27,742 |   |
| Related party                                                                                                                                      |   |           | 3,032     |   |              |   | – |   |
| Other                                                                                                                                              |   |           | 3,500     |   |              |   | 441 |   |
| Derivative asset                                                                                                                                   |   |           | 40,091    |   |              |   | 55,100 |   |
| Other current assets                                                                                                                               |   |           | 1,329     |   |              |   | 1,158 |   |
| Total current assets                                                                                                                               |   |           | 110,686   |   |              |   | 107,568 |   |
|                                                                                                                                               |   |           |      |   |              |   |   |   |
| Oil and natural gas properties, net of accumulated depreciation, depletion and amortization; March 31, 2011, $193,892; December 31, 2010, $176,897 |   |           | 1,318,780 |   |              |   | 1,324,240 |   |
| Other property, net of accumulated depreciation and amortization; March 31, 2011, $500; December 31, 2010, $465                                    |   |           | 1,531     |   |              |   | 1,567 |   |
| Long–term derivative asset                                                                                                                   |   |           | 29,922    |   |              |   | 51,497 |   |
| Other assets                                                                                                                                       |   |           | 2,380     |   |              |   | 1,885 |   |
| Total assets                                                                                                                                       |   | $              | 1,463,299 |   |              | $      | 1,486,757 |   |
|                                                                                                                                               |   |           |      |   |              |   |   |   |
| LIABILITIES AND OWNERS’ EQUITY                                                                                                               |   |           |      |   |              |   |   |   |
| Current liabilities:                                                                                                                               |   |           |      |   |              |   |   |   |
| Accounts payable and accrued liabilities:                                                                                                          |   |           |      |   |              |   |   |   |
| Third party                                                                                                                                        |   | $              | 24,873    |   |              | $      | 20,678 |   |
| Related party                                                                                                                                      |   |           | –   |   |              |   | 182 |   |
| Derivative liability                                                                                                                               |   |           | 3,337     |   |              |   | 1,943 |   |
| Total current liabilities                                                                                                                          |   |           | 28,210    |   |              |   | 22,803 |   |
|                                                                                                                                               |   |           |      |   |              |   |   |   |
| Asset retirement obligations                                                                                                                       |   |           | 68,997    |   |              |   | 67,175 |   |
| Long–term debt                                                                                                                               |   |           | 480,018   |   |              |   | 619,000 |   |
| Long–term liabilities                                                                                                                        |   |           | 463       |   |              |   | 3,048 |   |
| Long–term derivative liability                                                                                                               |   |           | 17,357    |   |              |   | 784 |   |
|                                                                                                                                               |   |           |      |   |              |   |   |   |
| Commitments and contingencies                                                                                                                      |   |           |      |   |              |   |   |   |
|                                                                                                                                               |   |           |      |   |              |   |   |   |
| Owners’ equity:                                                                                                                              |   |           |      |   |              |   |   |   |
| Common unitholders – 34,173,650 units and 30,510,313 units issued and outstanding as of March 31, 2011 and December 31, 2010, respectively   |   |           | 874,281   |   |              |   | 779,327 |   |
| General partner interest                                                                                                                           |   |           | (6,027    | )      |              |   | (5,380 | ) |
| Total owners’ equity                                                                                                                         |   |           | 868,254   |   |              |   | 773,947 |   |
| Total liabilities and owners’ equity                                                                                                         |   | $              | 1,463,299 |   |              | $      | 1,486,757 |   |

----

|                                                                                           |   | Three Months EndedMarch 31, |    |
|------------------------------------------------------------------------------------------------|--------|--------------------------------------------|---------|
|                                                                                           |   | 2011                                       |    |   | 2010 |   |
| Revenues:                                                                                      |   |                                       |    |   |   |   |
| Oil, natural gas and natural gas liquids revenues                                              |   | $                                          | 59,621  |   |   | $ | 38,596 |   |
| Transportation and marketing–related revenues                                            |   |                                       | 1,401   |   |   |   | 1,578 |   |
| Total revenues                                                                                 |   |                                       | 61,022  |   |   |   | 40,174 |   |
|                                                                                           |   |                                       |    |   |   |   |   |   |
| Operating costs and expenses:                                                                  |   |                                       |    |   |   |   |   |   |
| Lease operating expenses                                                                       |   |                                       | 17,362  |   |   |   | 11,432 |   |
| Cost of purchased natural gas                                                                  |   |                                       | 1,050   |   |   |   | 1,220 |   |
| Dry hole and exploration costs                                                                 |   |                                       | 403     |   |   |   | – |   |
| Production taxes                                                                               |   |                                       | 2,651   |   |   |   | 2,127 |   |
| Asset retirement obligations accretion expense                                                 |   |                                       | 966     |   |   |   | 510 |   |
| Depreciation, depletion and amortization                                                       |   |                                       | 17,564  |   |   |   | 12,084 |   |
| General and administrative expenses                                                            |   |                                       | 8,593   |   |   |   | 4,724 |   |
| Impairment of oil and  natural gas properties                                        |   |                                       | 1,588   |   |   |   | – |   |
| Loss on sale of oil and natural gas properties                                                 |   |                                       | – |   |   |   | 564 |   |
| Total operating costs and expenses                                                             |   |                                       | 50,177  |   |   |   | 32,661 |   |
|                                                                                           |   |                                       |    |   |   |   |   |   |
| Operating income                                                                               |   |                                       | 10,845  |   |   |   | 7,513 |   |
|                                                                                           |   |                                       |    |   |   |   |   |   |
| Other (expense) income, net:                                                                   |   |                                       |    |   |   |   |   |   |
| Realized gains on derivatives, net                                                             |   |                                       | 15,038  |   |   |   | 7,965 |   |
| Unrealized (losses) gains on derivatives, net                                                  |   |                                       | (54,551 | ) |   |   | 32,660 |   |
| Interest expense                                                                               |   |                                       | (5,159  | ) |   |   | (2,103 | ) |
| Other (expense) income, net                                                                    |   |                                       | (80     | ) |   |   | 141 |   |
| Total other (expense) income, net                                                              |   |                                       | (44,752 | ) |   |   | 38,663 |   |
|                                                                                           |   |                                       |    |   |   |   |   |   |
| (Loss) income before income taxes                                                              |   |                                       | (33,907 | ) |   |   | 46,176 |   |
| Income taxes                                                                                   |   |                                       | (82     | ) |   |   | (52 | ) |
| Net (loss) income                                                                              |   | $                                          | (33,989 | ) |   | $ | 46,124 |   |
| General partner’s interest in net (loss) income, including incentive distribution rights |   | $                                          | 2,254   |   |   | $ | 3,212 |   |
| Limited partners’ interest in net (loss) income                                          |   | $                                          | (36,243 | ) |   | $ | 42,912 |   |
|                                                                                           |   |                                       |    |   |   |   |   |   |
| Net (loss) income per limited partner unit:                                                    |   |                                       |    |   |   |   |   |   |
| Basic                                                                                          |   | $                                          | (1.14   | ) |   | $ | 1.68 |   |
| Diluted                                                                                        |   | $                                          | (1.14   | ) |   | $ | 1.68 |   |
|                                                                                           |   |                                       |    |   |   |   |   |   |
| Weighted average limited partner units outstanding:                                            |   |                                       |    |   |   |   |   |   |
| Basic                                                                                          |   |                                       | 31,696  |   |   |   | 25,587 |   |
| Diluted                                                                                        |   |                                       | 31,696  |   |   |   | 25,615 |   |
|                                                                                           |   |                                       |    |   |   |   |   |   |
| Distributions declared per unit                                                                |   | $                                          | 0.76    |   |   | $ | 0.756 |   |

----

|                                                               |   | CommonUnitholders |    |   | GeneralPartnerInterest |   |    | TotalOwners’Equity |   |
|--------------------------------------------------------------------|--------|-------------------|---------|--------|------------------------|--------|---------|--------------------------|--------|
|                                                               |   |              |    |   |                   |   |    |                     |   |
| Balance, December 31, 2010                                         |   | $                 | 779,327 |   |                   | $      | (5,380  | )                        |   | $ | 773,947 |   |
| Conversion of 80,534 vested phantom units                          |   |              | 3,508   |   |                   |   | – |                     |   |   | 3,508 |   |
| Proceeds from public equity offering, net of underwriters discount |   |              | 147,108 |   |                   |   | – |                     |   |   | 147,108 |   |
| Offering costs                                                     |   |              | (248    | )      |                   |   | – |                     |   |   | (248 | ) |
| Contribution from general partner                                  |   |              | – |   |                   |   | 3,191   |                     |   |   | 3,191 |   |
| Distributions                                                      |   |              | (23,319 | )      |                   |   | (3,158  | )                        |   |   | (26,477 | ) |
| Equity–based compensation                                    |   |              | 1,214   |   |                   |   | – |                     |   |   | 1,214 |   |
| Net loss                                                           |   |              | (33,309 | )      |                   |   | (680    | )                        |   |   | (33,989 | ) |
| Balance, March 31, 2011                                            |   | $                 | 874,281 |   |                   | $      | (6,027  | )                        |   | $ | 868,254 |   |

|                                                               |   | CommonUnitholders |    |   | GeneralPartnerInterest |   |    | TotalOwners’Equity |   |
|--------------------------------------------------------------------|--------|-------------------|---------|--------|------------------------|--------|---------|--------------------------|--------|
|                                                               |   |              |    |   |                   |   |    |                     |   |
| Balance, December 31, 2009                                         |   | $                 | 548,160 |   |                   | $      | (729    | )                        |   | $ | 547,431 |   |
| Conversion of 84,842 vested phantom units                          |   |              | 2,580   |   |                   |   | – |                     |   |   | 2,580 |   |
| Proceeds from public equity offering, net of underwriters discount |   |              | 92,770  |   |                   |   | – |                     |   |   | 92,770 |   |
| Offering costs                                                     |   |              | (97     | )      |                   |   | – |                     |   |   | (97 | ) |
| Contribution from general partner                                  |   |              | – |   |                   |   | 1,977   |                     |   |   | 1,977 |   |
| Distributions                                                      |   |              | (17,826 | )      |                   |   | (2,395  | )                        |   |   | (20,221 | ) |
| Equity–based compensation                                    |   |              | 398     |   |                   |   | – |                     |   |   | 398 |   |
| Net income                                                         |   |              | 45,202  |   |                   |   | 922     |                     |   |   | 46,124 |   |
| Balance, March 31, 2010                                            |   | $                 | 671,187 |   |                   | $      | (225    | )                        |   | $ | 670,962 |   |

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|                                                                                           |   | Three Months EndedMarch 31, |     |
|------------------------------------------------------------------------------------------------|--------|--------------------------------------------|----------|
|                                                                                           |   | 2011                                       |     |   | 2010 |   |
|                                                                                           |   |                                       |     |   |   |   |
| Cash flows from operating activities:                                                          |   |                                       |     |   |   |   |
| Net (loss) income                                                                              |   | $                                          | (33,989  | ) |   | $ | 46,124 |   |
| Adjustments to reconcile net (loss) income to net cash flows provided by operating activities: |   |                                       |     |   |   |   |   |   |
| Dry hole costs                                                                                 |   |                                       | 2        |   |   |   | – |   |
| Asset retirement obligations accretion expense                                                 |   |                                       | 966      |   |   |   | 510 |   |
| Depreciation, depletion and amortization                                                       |   |                                       | 17,564   |   |   |   | 12,084 |   |
| Equity–based compensation cost                                                           |   |                                       | 2,137    |   |   |   | 1,066 |   |
| Impairment of oil and natural gas properties                                                   |   |                                       | 1,588    |   |   |   | – |   |
| Loss on sale of oil and natural gas properties                                                 |   |                                       | –  |   |   |   | 564 |   |
| Unrealized loss (gain) on derivatives, net                                                     |   |                                       | 54,551   |   |   |   | (32,660 | ) |
| Amortization of discount on long–term debt                                               |   |                                       | 18       |   |   |   | – |   |
| Amortization of deferred loan costs                                                            |   |                                       | 201      |   |   |   | 137 |   |
| Other                                                                                          |   |                                       | 54       |   |   |   | (4 | ) |
| Changes in operating assets and liabilities:                                                   |   |                                       |     |   |   |   |   |   |
| Accounts receivable                                                                            |   |                                       | (8,738   | ) |   |   | (4,746 | ) |
| Other current assets                                                                           |   |                                       | (171     | ) |   |   | 209 |   |
| Accounts payable and accrued liabilities                                                       |   |                                       | 1,857    |   |   |   | 643 |   |
| Long–term liabilities                                                                    |   |                                       | –  |   |   |   | (733 | ) |
| Other, net                                                                                     |   |                                       | (154     | ) |   |   | (39 | ) |
| Net cash flows provided by operating activities                                                |   |                                       | 35,886   |   |   |   | 23,155 |   |
|                                                                                           |   |                                       |     |   |   |   |   |   |
| Cash flows from investing activities:                                                          |   |                                       |     |   |   |   |   |   |
| Acquisition of oil and natural gas properties                                                  |   |                                       | –  |   |   |   | (137,898 | ) |
| Development of oil and natural gas properties                                                  |   |                                       | (13,407  | ) |   |   | (2,411 | ) |
| Proceeds from sale of oil and natural gas properties                                           |   |                                       | –  |   |   |   | 82 |   |
| Net cash flows used in investing activities                                                    |   |                                       | (13,407  | ) |   |   | (140,227 | ) |
|                                                                                           |   |                                       |     |   |   |   |   |   |
| Cash flows from financing activities:                                                          |   |                                       |     |   |   |   |   |   |
| Long–term debt borrowings                                                                |   |                                       | –  |   |   |   | 138,000 |   |
| Repayments of long–term debt borrowings                                                  |   |                                       | (431,500 | ) |   |   | (95,000 | ) |
| Proceeds from debt offering                                                                    |   |                                       | 292,500  |   |   |   | – |   |
| Loan costs incurred                                                                            |   |                                       | (695     | ) |   |   | – |   |
| Proceeds from equity offering                                                                  |   |                                       | 147,108  |   |   |   | 92,770 |   |
| Offering costs                                                                                 |   |                                       | (248     | ) |   |   | (97 | ) |
| Contribution from general partner                                                              |   |                                       | 3,191    |   |   |   | 1,977 |   |
| Distributions paid                                                                             |   |                                       | (26,477  | ) |   |   | (20,221 | ) |
| Net cash flows (used in) provided by financing activities                                      |   |                                       | (16,121  | ) |   |   | 117,429 |   |
|                                                                                           |   |                                       |     |   |   |   |   |   |
| Increase in cash and cash equivalents                                                          |   |                                       | 6,358    |   |   |   | 357 |   |
| Cash and cash equivalents – beginning of period                                          |   |                                       | 23,127   |   |   |   | 18,806 |   |
| Cash and cash equivalents – end of period                                                |   | $                                          | 29,485   |   |   | $ | 19,163 |   |

----

|             |   | Three Months EndedMarch 31, |   |
|------------------|--------|--------------------------------------------|--------|
|             |   | 2011                                       |   |   | 2010 |   |
| Liability awards |   | $                                          | 923    |   |   | $ | 668 |   |
| Equity awards    |   |                                       | 1,214  |   |   |   | 398 |   |
| Total            |   | $                                          | 2,137  |   |   | $ | 1,066 |   |

----

|             |   | UnrecognizedCompensationExpense |   |   | WeightedAveragePeriod(in years) |   |
|------------------|--------|---------------------------------|--------|--------|--------------------------------------|--------|
| Liability awards |   | $                               | 3,947  |   |                                 |   | 1.8 |   |
| Equity awards    |   |                            | 16,390 |   |                                 |   | 3.5 |   |

| Period Covered                           |   | Index                        |   | HedgedVolume |     |   | WeightedAverageFixedPrice |   |   | WeightedAverageFloorPrice |   |   | WeightedAverageCeilingPrice |   |
|-----------------------------------------------|--------|------------------------------|--------|--------------|----------|--------|---------------------------|--------|--------|---------------------------|--------|--------|-----------------------------|--------|
| Oil (MBbls):                                  |   |                         |   |         |     |   |                      |   |   |                      |   |   |                        |   |
| Swaps – 2nd quarter 2011                |   | WTI                          |   |         | 113.1    |   |                      | $      | 94.68  |                      |   | $      |                   |   |   | $ |    |   |
| Swaps – 3rd quarter 2011                |   | WTI                          |   |         | 107.5    |   |                      |   | 94.91  |                      |   |   |                        |   |   |   |   |   |
| Swaps – 4th quarter 2011                |   | WTI                          |   |         | 101.9    |   |                      |   | 95.12  |                      |   |   |                        |   |   |   |   |   |
| Collars – 2011                          |   | WTI                          |   |         | 353.7    |   |                      |   |   |                      |   |   | 105.66                      |   |   |   | 156.16 |   |
| Swaps – 1st quarter 2012                |   | WTI                          |   |         | 167.0    |   |                      |   | 96.49  |                      |   |   |                        |   |   |   |   |   |
| Swaps – 2nd quarter 2012                |   | WTI                          |   |         | 157.9    |   |                      |   | 96.50  |                      |   |   |                        |   |   |   |   |   |
| Swaps – 3rd quarter 2012                |   | WTI                          |   |         | 155.0    |   |                      |   | 96.38  |                      |   |   |                        |   |   |   |   |   |
| Swaps – 4th quarter 2012                |   | WTI                          |   |         | 145.8    |   |                      |   | 96.43  |                      |   |   |                        |   |   |   |   |   |
| Collars – 2012                          |   | WTI                          |   |         | 456.8    |   |                      |   |   |                      |   |   | 104.54                      |   |   |   | 156.77 |   |
| Swaps – 1st quarter 2013                |   | WTI                          |   |         | 252.0    |   |                      |   | 86.74  |                      |   |   |                        |   |   |   |   |   |
| Swaps – 2nd quarter 2013                |   | WTI                          |   |         | 250.3    |   |                      |   | 86.53  |                      |   |   |                        |   |   |   |   |   |
| Swaps – 3rd quarter 2013                |   | WTI                          |   |         | 248.4    |   |                      |   | 86.37  |                      |   |   |                        |   |   |   |   |   |
| Swaps – 4th quarter 2013                |   | WTI                          |   |         | 243.8    |   |                      |   | 86.17  |                      |   |   |                        |   |   |   |   |   |
| Swaps – 2014                            |   | WTI                          |   |         | 897.2    |   |                      |   | 91.90  |                      |   |   |                        |   |   |   |   |   |
| Ethane (MBbls):                               |   |                         |   |         |     |   |                      |   |   |                      |   |   |                        |   |   |   |   |   |
| Swaps – 2nd quarter 2011                |   | Mont Belvieu (Non-TET)- OPIS |   |         | 100.1    |   |                      |   | 22.16  |                      |   |   |                        |   |   |   |   |   |
| Swaps – 3rd quarter 2011                |   | Mont Belvieu (Non-TET)- OPIS |   |         | 96.6     |   |                      |   | 20.32  |                      |   |   |                        |   |   |   |   |   |
| Swaps – 4th quarter 2011                |   | Mont Belvieu (Non-TET)- OPIS |   |         | 92.0     |   |                      |   | 19.79  |                      |   |   |                        |   |   |   |   |   |
| Propane (MBbls):                              |   |                         |   |         |     |   |                      |   |   |                      |   |   |                        |   |   |   |   |   |
| Swap – 2nd quarter 2011                 |   | Mont Belvieu (Non-TET)- OPIS |   |         | 59.2     |   |                      |   | 49.20  |                      |   |   |                        |   |   |   |   |   |
| Swap – 3rd quarter 2011                 |   | Mont Belvieu (Non-TET)- OPIS |   |         | 57.5     |   |                      |   | 49.36  |                      |   |   |                        |   |   |   |   |   |
| Swap – 4th quarter 2011                 |   | Mont Belvieu (Non-TET)- OPIS |   |         | 55.2     |   |                      |   | 50.20  |                      |   |   |                        |   |   |   |   |   |
| Natural Gas (MmmBtus):                        |   |                         |   |         |     |   |                      |   |   |                      |   |   |                        |   |   |   |   |   |
| Swap – 2011                             |   | Dominion Appalachia          |   |         | 687.5    |   |                      |   | 8.69   |                      |   |   |                        |   |   |   |   |   |
| Collar – 2011                           |   | Dominion Appalachia          |   |         | 825.0    |   |                      |   |   |                      |   |   | 9.00                        |   |   |   | 12.15 |   |
| Collar – 2012                           |   | Dominion Appalachia          |   |         | 1,830.0  |   |                      |   |   |                      |   |   | 8.95                        |   |   |   | 11.45 |   |
| Swaps – 2nd quarter 2011                |   | NYMEX                        |   |         | 3,934.2  |   |                      |   | 6.25   |                      |   |   |                        |   |   |   |   |   |
| Swaps – 3rd quarter 2011                |   | NYMEX                        |   |         | 3,793.4  |   |                      |   | 6.34   |                      |   |   |                        |   |   |   |   |   |
| Swaps – 4th quarter 2011                |   | NYMEX                        |   |         | 3,609.4  |   |                      |   | 6.43   |                      |   |   |                        |   |   |   |   |   |
| Collars – 2011                          |   | NYMEX                        |   |         | 1,185.0  |   |                      |   |   |                      |   |   | 5.90                        |   |   |   | 7.03 |   |
| Swaps – January 2012 through June 2012  |   | NYMEX                        |   |         | 7,025.2  |   |                      |   | 6.64   |                      |   |   |                        |   |   |   |   |   |
| Swaps – July 2012 through December 2012 |   | NYMEX                        |   |         | 6,550.4  |   |                      |   | 6.79   |                      |   |   |                        |   |   |   |   |   |
| Collars – 2012                          |   | NYMEX                        |   |         | 2,043.7  |   |                      |   |   |                      |   |   | 6.22                        |   |   |   | 6.94 |   |
| Swaps – 2013                            |   | NYMEX                        |   |         | 16,607.5 |   |                      |   | 5.65   |                      |   |   |                        |   |   |   |   |   |
| Swaps – 2014                            |   | NYMEX                        |   |         | 8,515.0  |   |                      |   | 5.76   |                      |   |   |                        |   |   |   |   |   |
| Swaps – 2015                            |   | NYMEX                        |   |         | 7,300.0  |   |                      |   | 5.90   |                      |   |   |                        |   |   |   |   |   |
| Collar – 2011                           |   | MICHCON_NB                   |   |         | 1,237.5  |   |                      |   |   |                      |   |   | 8.70                        |   |   |   | 11.85 |   |
| Collar – 2012                           |   | MICHCON_NB                   |   |         | 1,647.0  |   |                      |   |   |                      |   |   | 8.75                        |   |   |   | 11.05 |   |
| Collar – 2011                           |   | HOUSTON SC                   |   |         | 962.5    |   |                      |   |   |                      |   |   | 8.25                        |   |   |   | 11.65 |   |
| Collar – 2012                           |   | HOUSTON SC                   |   |         | 1,098.0  |   |                      |   |   |                      |   |   | 8.25                        |   |   |   | 11.10 |   |
| Swap – 2011                             |   | EL PASO PERMIAN              |   |         | 687.5    |   |                      |   | 9.30   |                      |   |   |                        |   |   |   |   |   |
| Swap – 2012                             |   | EL PASO PERMIAN              |   |         | 732.0    |   |                      |   | 9.21   |                      |   |   |                        |   |   |   |   |   |
| Swap – 2013                             |   | EL PASO PERMIAN              |   |         | 1,095.0  |   |                      |   | 6.77   |                      |   |   |                        |   |   |   |   |   |
| Swap – 2013                             |   | SAN JUAN BASIN               |   |         | 1,095.0  |   |                      |   | 6.66   |                      |   |   |                        |   |   |   |   |   |
| Collars – 2011                          |   | NGPL TEX/OK                  |   |         | 767.8    |   |                      |   |   |                      |   |   | 5.75                        |   |   |   | 6.58 |   |

----

| Period Covered |   | Floating Index 1 |   | Floating Index 2 |   | HedgedVolume(MmmBtus) |   |   | Spread |   |
|---------------------|--------|----------------------------|--------|----------------------------|--------|-----------------------|--------|--------|--------|--------|
| 2011                |   | NYMEX                      |   | Dominion Appalachia        |   |                  | 260.7  |   |   |   | 0.1975 |   |
| 2011                |   | NYMEX                      |   | Appalachia Columbia        |   |                  | 71.2   |   |   |   | 0.1500 |   |

| Period Covered                          |   | NotionalAmount |    | FloatingRate |          | FixedRate |   |
|----------------------------------------------|--------|----------------|---------|--------------|---------------|-----------|--------|
| April 2011 – July 2012                 |   | $              | 200,000 |         | 1 Month LIBOR |      |   | 4.163 | % |
| April 2011 –  September 2012 |   |           | 40,000  |         | 1 Month LIBOR |      |   | 2.145 | % |

----

|                                                                  |   | Asset Derivatives |    |   | Liability Derivatives |   |
|-----------------------------------------------------------------------|--------|------------------------|---------|--------|----------------------------|--------|
|                                                                  |   | March 31,2011     |    |   | December 31,2010      |   |   | March 31,2011 |   |   | December 31,2010 |   |
| Commodity contracts                                                   |   | $                      | 85,529  |   |                       | $      | 123,655 |   |   | $ | 25,564 |   |   | $ | 7,633 |   |
| Interest rate swaps                                                   |   |                   | – |   |                       |   | – |   |   |   | 10,646 |   |   |   | 12,152 |   |
| Total fair value                                                      |   |                   | 85,529  |   |                       |   | 123,655 |   |   |   | 36,210 |   |   |   | 19,785 |   |
| Netting arrangements                                                  |   |                   | (15,516 | )      |                       |   | (17,058 | ) |   |   | (15,516 | ) |   |   | (17,058 | ) |
| Net recorded fair value                                               |   | $                      | 70,013  |   |                       | $      | 106,597 |   |   | $ | 20,694 |   |   | $ | 2,727 |   |
|                                                                  |   |                   |    |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Location of derivatives in our condensed consolidated balance sheets: |   |                   |    |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Derivative asset                                                      |   | $                      | 40,091  |   |                       | $      | 55,100 |   |   | $ | – |   |   | $ | – |   |
| Long–term derivative asset                                      |   |                   | 29,922  |   |                       |   | 51,497 |   |   |   | – |   |   |   | – |   |
| Derivative liability                                                  |   |                   | – |   |                       |   | – |   |   |   | 3,337 |   |   |   | 1,943 |   |
| Long–term derivative liability                                  |   |                   | – |   |                       |   | – |   |   |   | 17,357 |   |   |   | 784 |   |
|                                                                  |   | $                      | 70,013  |   |                       | $      | 106,597 |   |   | $ | 20,694 |   |   | $ | 2,727 |   |

|                                           |   | Three Months EndedMarch 31, |    |
|------------------------------------------------|--------|--------------------------------------------|---------|
|                                           |   | 2011                                       |    |   | 2010 |   |
| Realized gains on derivatives, net:            |   |                                       |    |   |   |   |
| Commodity contracts                            |   | $                                          | 17,177  |   |   | $ | 10,123 |   |
| Interest rate swaps                            |   |                                       | (2,139  | ) |   |   | (2,158 | ) |
| Total                                          |   | $                                          | 15,038  |   |   | $ | 7,965 |   |
|                                           |   |                                       |    |   |   |   |   |   |
| Unrealized (losses) gains on derivatives, net: |   |                                       |    |   |   |   |   |   |
| Commodity contracts                            |   | $                                          | (56,057 | ) |   | $ | 33,890 |   |
| Interest rate swaps                            |   |                                       | 1,506   |   |   |   | (1,230 | ) |
| Total                                          |   | $                                          | (54,551 | ) |   | $ | 32,660 |   |

----

|                         |   |               |   |   | Fair Value at Reporting Date Using:                  |   |
|------------------------------|--------|--------------------|--------|--------|-------------------------------------------------------------------------------|--------|
|                         |   | March 31,2011 |   |   | Quoted Pricesin ActiveMarkets forIdenticalAssets(Level 1) |   |   | SignificantOtherObservableInputs(Level 2) |   |   | SignificantUnobservableInputs(Level 3) |   |
| Derivative assets:           |   |               |   |   |                                                                          |   |   |   |   |   |   |   |
| Commodity contracts          |   | $                  | 85,529 |   |                                                                          | $      | – |   |   | $ | 85,529 |   |   | $ | – |   |
|                         |   |               |   |   |                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Derivative liabilities:      |   |               |   |   |                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Commodity contracts          |   | $                  | 25,564 |   |                                                                          | $      | – |   |   | $ | 25,564 |   |   | $ | – |   |
| Interest rate swaps          |   |               | 10,646 |   |                                                                          |   | – |   |   |   | 10,646 |   |   |   | – |   |
| Total derivative liabilities |   | $                  | 36,210 |   |                                                                          | $      | – |   |   | $ | 36,210 |   |   | $ | – |   |

|                         |   |                  |    |   | Fair Value at Reporting Date Using:                  |   |
|------------------------------|--------|-----------------------|---------|--------|-------------------------------------------------------------------------------|--------|
|                         |   | December 31,2010 |    |   | Quoted Pricesin ActiveMarkets forIdenticalAssets(Level 1) |   |   | SignificantOtherObservableInputs(Level 2) |   |   | SignificantUnobservableInputs(Level 3) |   |
| Derivative assets:           |   |                  |    |   |                                                                          |   |   |   |   |   |   |   |
| Commodity contracts          |   | $                     | 123,655 |   |                                                                          | $      | – |   |   | $ | 123,655 |   |   | $ | – |   |
|                         |   |                  |    |   |                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Derivative liabilities:      |   |                  |    |   |                                                                          |   |   |   |   |   |   |   |   |   |   |   |
| Commodity contracts          |   | $                     | 7,633   |   |                                                                          | $      | – |   |   | $ | 7,633 |   |   | $ | – |   |
| Interest rate swaps          |   |                  | 12,152  |   |                                                                          |   | – |   |   |   | 12,152 |   |   |   | – |   |
| Total derivative liabilities |   | $                     | 19,785  |   |                                                                          | $      | – |   |   | $ | 19,785 |   |   | $ | – |   |

----

| Balance as of December 31, 2010        |   | $      | 68,430 |   |
|----------------------------------------|--------|--------|--------|--------|
| Liabilities incurred                   |   |   | 213    |   |
| Accretion expense                      |   |   | 966    |   |
| Revisions in estimated cash flows      |   |   | 810    |   |
| Sale of oil and natural gas properties |   |   | (67    | )      |
| Payments to settle liabilities         |   |   | (101   | )      |
| Balance as of March 31, 2011           |   | $      | 70,251 |   |

|                       |   | March 31,2011 |    |   | December 31,2010 |   |
|----------------------------|--------|--------------------|---------|--------|-----------------------|--------|
| Credit facility            |   | $                  | 187,500 |   |                  | $      | 619,000 |   |
| 8.0% senior notes due 2019 |   |               | 300,000 |   |                  |   | – |   |
|                       |   |               | 487,500 |   |                  |   | 619,000 |   |
| Unamortized discount       |   |               | (7,482  | )      |                  |   | – |   |
| Long–term debt       |   | $                  | 480,018 |   |                  | $      | 619,000 |   |

----

|   | · | at least 65% of the aggregate principal amount of Notes issued under the Indenture remains outstanding immediately after the occurrence of such redemption; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the redemption occurs within 180 days of the date of the closing of such public or private equity offering. |
|--------|--------|-------------------------------------------------------------------------------------------------------------|

| Year                |   | Percentage |   |
|---------------------|--------|------------|--------|
| 2015                |   |       | 104.0  | % |
| 2016                |   |       | 102.0  | % |
| 2017 and thereafter |   |       | 100.0  | % |

----

|   | · | the principal amount thereof, plus |
|--------|--------|------------------------------------|

|   | · | the Make Whole Premium (as defined in the Indenture) at the redemption date, plus accrued and unpaid interest, if any, to the redemption date. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                               |   | Three Months EndedMarch 31, |    |
|--------------------------------------------------------------------|--------|--------------------------------------------|---------|
|                                                               |   | 2011                                       |    |   | 2010 |   |
| Net (loss) income                                                  |   | $                                          | (33,989 | ) |   | $ | 46,124 |   |
| Less:                                                              |   |                                       |    |   |   |   |   |   |
| Incentive distribution rights                                      |   |                                       | (2,934  | ) |   |   | (2,290 | ) |
| General partner’s 2% interest in net (loss) income           |   |                                       | 680     |   |   |   | (922 | ) |
| Net (loss) income available for limited partners                   |   | $                                          | (36,243 | ) |   | $ | 42,912 |   |
|                                                               |   |                                       |    |   |   |   |   |   |
| Weighted average limited partner units outstanding:                |   |                                       |    |   |   |   |   |   |
| Common units                                                       |   |                                       | 31,572  |   |   |   | 25,429 |   |
| Performance units (1)                                              |   |                                       | 124     |   |   |   | 158 |   |
| Denominator for basic net (loss) income per limited partner unit   |   |                                       | 31,696  |   |   |   | 25,587 |   |
| Dilutive phantom units                                             |   |                                       | – |   |   |   | 28 |   |
| Denominator for diluted net (loss) income per limited partner unit |   |                                       | 31,696  |   |   |   | 25,615 |   |
|                                                               |   |                                       |    |   |   |   |   |   |
| Net (loss) income per limited partner unit:                        |   |                                       |    |   |   |   |   |   |
| Basic                                                              |   | $                                          | (1.14   | ) |   | $ | 1.68 |   |
| Diluted                                                            |   | $                                          | (1.14   | ) |   | $ | 1.68 |   |

----

|  (1) | Our earned but unvested performance units are considered to be participating securities for purposes of calculating our net income per limited partner unit and, accordingly, are included in the basic computation as such. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                |   | Three Months EndedMarch 31, |   |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------------------|--------|
|                                                                                                |   | 2011                                       |   |   | 2010 |   |
| Supplemental cash flows information:                                                                |   |                                       |   |   |   |   |
| Cash paid for interest                                                                              |   | $                                          | 4,248  |   |   | $ | 1,849 |   |
|                                                                                                |   |                                       |   |   |   |   |   |   |
| Non–cash transactions:                                                                        |   |                                       |   |   |   |   |   |   |
| Costs for development of oil and natural gas properties in accounts payable and accrued liabilities |   |                                       | 7,872  |   |   |   | 1,665 |   |
| Proceeds from final purchase price settlement in accounts receivable                                |   |                                       | 1,873  |   |   |   | – |   |
| Proceeds from sale of oil and natural gas properties in accounts receivable                         |   |                                       | 1,170  |   |   |   | – |   |

----

|   | · | the prices at which we will sell our oil, natural gas liquids and natural gas production; |
|--------|--------|-------------------------------------------------------------------------------------------|

|   | · | our ability to hedge commodity prices; |
|--------|--------|----------------------------------------|

|   | · | the amount of oil, natural gas liquids and natural gas we produce; and |
|--------|--------|------------------------------------------------------------------------|

|   | · | the level of our operating and administrative costs. |
|--------|--------|------------------------------------------------------|

----

|                                           |   | Three Months EndedMarch 31, |   |
|------------------------------------------------|--------|--------------------------------------------|--------|
|                                           |   | 2011                                       |   |   | 2010 |   |
| Production data:                               |   |                                       |   |   |   |   |
| Oil (MBbls)                                    |   |                                       | 208    |   |   |   | 126 |   |
| Natural gas liquids (MBbls)                    |   |                                       | 270    |   |   |   | 182 |   |
| Natural gas (MMcf)                             |   |                                       | 7,004  |   |   |   | 3,985 |   |
| Net production (MMcfe)                         |   |                                       | 9,871  |   |   |   | 5,833 |   |
| Average sales price per unit:                  |   |                                       |   |   |   |   |   |   |
| Oil (Bbl)                                      |   | $                                          | 89.88  |   |   | $ | 74.46 |   |
| Natural gas liquids (Bbl)                      |   |                                       | 48.06  |   |   |   | 45.54 |   |
| Natural gas (Mcf)                              |   |                                       | 3.99   |   |   |   | 5.25 |   |
| Mcfe                                           |   |                                       | 6.04   |   |   |   | 6.62 |   |
| Average unit cost per Mcfe:                    |   |                                       |   |   |   |   |   |   |
| Production costs:                              |   |                                       |   |   |   |   |   |   |
| Lease operating expenses                       |   | $                                          | 1.76   |   |   | $ | 1.96 |   |
| Production taxes                               |   |                                       | 0.27   |   |   |   | 0.36 |   |
| Total                                          |   |                                       | 2.03   |   |   |   | 2.32 |   |
| Asset retirement obligations accretion expense |   |                                       | 0.10   |   |   |   | 0.09 |   |
| Depreciation, depletion and amortization       |   |                                       | 1.78   |   |   |   | 2.07 |   |
| General and administrative expenses            |   |                                       | 0.87   |   |   |   | 0.81 |   |

----

----

|                 |   | Three Months EndedMarch 31, |    |
|----------------------|--------|--------------------------------------------|---------|
|                 |   | 2011                                       |    |   | 2010 |   |
| Operating activities |   | $                                          | 35,886  |   |   | $ | 23,155 |   |
| Investing activities |   |                                       | (13,407 | ) |   |   | (140,227 | ) |
| Financing activities |   |                                       | (16,121 | ) |   |   | 117,429 |   |

----

|   | · | our future financial and operating performance and results; |
|--------|--------|-------------------------------------------------------------|

|   | · | our estimated net proved reserves and standardized measure; |
|--------|--------|-------------------------------------------------------------|

|   | · | market prices; |
|--------|--------|----------------|

|   | · | our future derivative activities; and |
|--------|--------|---------------------------------------|

|   | · | our plans and forecasts. |
|--------|--------|--------------------------|

|   | · | fluctuations in prices of oil and natural gas; |
|--------|--------|------------------------------------------------|

|   | · | significant disruptions in the financial markets; |
|--------|--------|---------------------------------------------------|

|   | · | future capital requirements and availability of financing; |
|--------|--------|------------------------------------------------------------|

|   | · | uncertainty inherent in estimating our reserves; |
|--------|--------|--------------------------------------------------|

|   | · | risks associated with drilling and operating wells; |
|--------|--------|-----------------------------------------------------|

----

|   | · | discovery, acquisition, development and replacement of oil and natural gas reserves; |
|--------|--------|--------------------------------------------------------------------------------------|

|   | · | cash flows and liquidity; |
|--------|--------|---------------------------|

|   | · | timing and amount of future production of oil and natural gas; |
|--------|--------|----------------------------------------------------------------|

|   | · | availability of drilling and production equipment; |
|--------|--------|----------------------------------------------------|

|   | · | marketing of oil and natural gas; |
|--------|--------|-----------------------------------|

|   | · | developments in oil and natural gas producing countries; |
|--------|--------|----------------------------------------------------------|

|   | · | competition; |
|--------|--------|--------------|

|   | · | general economic conditions; |
|--------|--------|------------------------------|

|   | · | governmental regulations; |
|--------|--------|---------------------------|

|   | · | receipt of amounts owed to us by purchasers of our production and counterparties to our derivative financial instrument contracts; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | · | hedging decisions, including whether or not to enter into derivative financial instruments; |
|--------|--------|---------------------------------------------------------------------------------------------|

|   | · | events similar to those of September 11, 2001; |
|--------|--------|------------------------------------------------|

|   | · | actions of third party co–owners of interest in properties in which we also own an interest; |
|--------|--------|----------------------------------------------------------------------------------------------------|

|   | · | fluctuations in interest rates and the value of the U.S. dollar in international currency markets; and |
|--------|--------|--------------------------------------------------------------------------------------------------------|

|   | · | our ability to effectively integrate companies and properties that we acquire. |
|--------|--------|--------------------------------------------------------------------------------|

----

----

| 1.1 | Underwriting Agreement dated as of March 4, 2011, among EV Energy Partners, L.P., EV Energy GP, L.P., EV Management, LLC, EV Properties, L.P., EV Properties GP, LLC, RBC Capital Markets, LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Raymond James & Associates Inc., and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein (incorporated by reference from Exhibit 1.1 to EV Energy Partners, L.P.’s current report on Form 8–K filed with the SEC on March 10, 2011). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | Purchase Agreement, dated as of March 17, 2011, by and among EV Energy Partners, L.P., EV Energy Finance Corp., the Guarantors named therein and the representatives of the Initial Purchasers named therein (incorporated by reference from Exhibit 1.1 to EV Energy Partners, L.P.’s current report on Form 8–K filed with the SEC on March 22, 2011). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.1 | Indenture, dated as of March 22, 2011, by and among EV Energy Partners, L.P., EV Energy Finance Corp., the Guarantors named therein and U.S. National Bank Association, as trustee (incorporated by reference from Exhibit 4.1 to EV Energy Partners L.P.’s current report on Form 8–K filed with the SEC on March 22, 2011). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | Registration Rights Agreement, dated as of March 22, 2011, by and among EV Energy Partners, L.P., EV Energy Finance Corp., the Guarantors named therein and the representatives of the Initial Purchasers named therein (incorporated by reference from Exhibit 4.2 to EV Energy Partners L.P.’s current report on Form 8–K filed with the SEC on March 22, 2011). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| +31.1 | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer |
|-------|------------------------------------------------------------------------|

| +31.2 | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer |
|-------|------------------------------------------------------------------------|

| +32 .1 | Section 1350 Certification of Chief Executive Officer |
|--------|------------------------------------------------------------|

| +32.2 | Section 1350 Certification of Chief Financial Officer |
|-------|-------------------------------------------------------|

----

----

|                         | EV Energy Partners, L.P. |
|------------------------------|--------------------------|
|                         | (Registrant)             |
|                         |                     |   |
| Date:  May 9, 2011 | By:                      | /s/ MICHAEL E. MERCER |
|                         |                     | Michael E. Mercer |
|                         |                     | Senior Vice President and Chief Financial Officer |

----

| 1.1 | Underwriting Agreement dated as of March 4, 2011, among EV Energy Partners, L.P., EV Energy GP, L.P., EV Management, LLC, EV Properties, L.P., EV Properties GP, LLC, RBC Capital Markets, LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Raymond James & Associates Inc., and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein (incorporated by reference from Exhibit 1.1 to EV Energy Partners, L.P.’s current report on Form 8–K filed with the SEC on March 10, 2011). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | Purchase Agreement, dated as of March 17, 2011, by and among EV Energy Partners, L.P., EV Energy Finance Corp., the Guarantors named therein and the representatives of the Initial Purchasers named therein (incorporated by reference from Exhibit 1.1 to EV Energy Partners, L.P.’s current report on Form 8–K filed with the SEC on March 22, 2011). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.1 | Indenture, dated as of March 22, 2011, by and among EV Energy Partners, L.P., EV Energy Finance Corp., the Guarantors named therein and U.S. National Bank Association, as trustee (incorporated by reference from Exhibit 4.1 to EV Energy Partners L.P.’s current report on Form 8–K filed with the SEC on March 22, 2011). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | Registration Rights Agreement, dated as of March 22, 2011, by and among EV Energy Partners, L.P., EV Energy Finance Corp., the Guarantors named therein and the representatives of the Initial Purchasers named therein (incorporated by reference from Exhibit 4.2 to EV Energy Partners L.P.’s current report on Form 8–K filed with the SEC on March 22, 2011). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| +31.1 | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer |
|-------|------------------------------------------------------------------------|

| +31.2 | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer |
|-------|------------------------------------------------------------------------|

| +32 .1 | Section 1350 Certification of Chief Executive Officer |
|--------|------------------------------------------------------------|

| +32.2 | Section 1350 Certification of Chief Financial Officer |
|-------|-------------------------------------------------------|

----

----