This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Mid-Con Energy Partners, LP Announces Acquisition Of Oil Properties And Increased Distribution

Stocks in this article: MCEP

DALLAS, Oct. 15, 2012 (GLOBE NEWSWIRE) -- Mid-Con Energy Partners, LP (Nasdaq:MCEP) ("Mid-Con Energy") announced today it has signed two separate agreements to acquire oil properties and additional working interests in Oklahoma for a combined price of approximately $24.1 million, subject to the satisfaction of customary closing conditions and the waiver of preference rights and obtaining necessary consents from third parties. Additionally, the Board of Directors of its general partner has declared an increase in the cash distribution to $0.485 per unit for the quarter ended September 30, 2012.

Acquisition of Oil Properties

In independent transactions, Mid-Con Energy has agreed to acquire (i) an approximate 71% operated working interest in oil properties, currently under waterflood, in Texas County, Oklahoma and (ii) additional working interests in existing Mid-Con Energy waterfloods located within its Hugoton Basin core area, for a combined price of $24.1 million, subject to the satisfaction of customary closing conditions and the waiver of preference rights and obtaining necessary consents from third parties. These acquisitions will be financed with borrowings from Mid-Con Energy's credit facility and are expected to close during the fourth quarter of 2012.

Randy Olmstead, Chief Executive Officer, commented, "While we remain confident in the organic growth potential from our existing asset base, these transactions demonstrate our ability to acquire long-lived, low decline properties that fit our operational strategy and will be immediately accretive to distributable cash flow on a per unit basis."

Combined highlights of the two acquisitions include:

  • Current net production of approximately 258 Boe per day
  • Estimated net proved reserves of approximately 1.8 MMBoe (64% proved developed producing)
  • Proved reserves approximately 99% oil on a Boe basis
  • Average reserve-to-production ratio of approximately 19 years

Increased Quarterly Cash Distribution to $0.485 Per Unit and Confirmation of Third Quarter Production Guidance

Mid-Con Energy announced today that the Board of Directors of its general partner has declared a cash distribution of $0.485 per unit for the quarter ended September 30, 2012. This represents a $0.01 per unit increase compared with the preceding quarter, and results in an annualized distribution of $1.94 per unit. The distribution will be payable November 14, 2012 to all unitholders of record at the close of business on November 7, 2012. Management also confirms that its previously released Boe production guidance for the third quarter of 2012 will come in within its previously released range, likely toward the lower-end.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs