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.”