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

Stock quotes 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.

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