This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Midstates Petroleum Company, Inc. Reports First Quarter 2012 Financial And Operating Results

Midstates Petroleum Company, Inc. (NYSE: MPO) (“Midstates” or the “Company”) announced today financial and operating results for the three months ended March 31, 2012.

Highlights for the three months ended March 31, 2012 include:
  • Average daily production was 8,275 barrels of oil equivalent (“Boe”) per day for the quarter ended March 31, 2012, an increase of 34% as compared to the same period in 2011.
  • Revenue from oil, natural gas and natural gas liquids (“NGLs”) sales (before the impact of commodity derivative contracts) increased 31.4% to $54.8 million for the three months ended March 31, 2012, versus the comparable 2011 period.
  • Adjusted EBITDA for the three months ended March 31, 2012 was $30.5 million, essentially flat versus $29.8 million for the first quarter of 2011. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income (loss) and net cash provided by operating activities, see “Non-GAAP Financial Measures” in the tables below.
  • Acreage increased 25.5% to approximately 136,500 total net acres at March 31, 2012 versus approximately 108,700 net acres at December 31, 2011, including acreage under option. From April 1, 2012, through May 29, 2012, Midstates added approximately 14,700 net acres.
  • Spud 14 gross wells during the three months ended March 31, 2012, of which nine were producing, two were awaiting completion and three were drilling at quarter end. Since March 31, 2012, Midstates spud 12 additional wells.
  • On April 25, 2012, Midstates successfully completed its initial public offering (“IPO”), resulting in a significant increase in liquidity. Midstates received net proceeds of $215.6 million, after underwriting discounts and estimated expenses, which were used to repay $99.0 million of indebtedness under the Company’s revolving credit facility and redeem $67.1 million of preferred units and related interest, with the remaining proceeds used to fund the execution of its drilling program.

John Crum, Midstates’ Chief Executive Officer commented, “During the first quarter, our oil-weighted production volumes and revenues were strong as we continued to receive a healthy premium for our Louisiana Light Sweet oil production versus West Texas Intermediate.” Crum continued, “With the proceeds from our successful initial public offering completed on April 25, 2012, we are now positioned to execute our 2012 capital program and remain on track to significantly grow our average daily production by the end of 2012.”

1 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 -2.90%
FB $116.73 7.20%
GOOG $691.02 -2.10%
TSLA $247.54 -1.60%
YHOO $36.59 -0.97%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs