DALLAS, March 5, 2013 (GLOBE NEWSWIRE) -- Mid-Con Energy Partners, LP (Nasdaq:MCEP) ("Mid-Con Energy" or the "Partnership") announced today financial and operating results for the fourth quarter and full year ended December 31, 2012. Results contained herein are preliminary, and are therefore subject to change prior to filing audited results on Form 10-K on or around March 6, 2013.
Mid-Con Energy emphasized the following 2012 results:
- Increased production approximately 60% to 1,907 barrels of oil equivalent (Boe) per day on average in 2012 from 1,191 Boe per day on average in 2011. Furthermore, production in the fourth quarter of 2012 was 2,261 Boe per day on average.
- Increased estimated net proved reserves approximately 31% to 13.1 million Boe (MMBoe) (99% Oil / 67% Proved Developed) at December 31, 2012 compared to 10.0 MMBoe (99% Oil / 69% Proved Developed) at December 31, 2011.
- Increased Adjusted EBITDA approximately 99% to $47.7 million in 2012, up $23.7 million from $24.0 million in 2011.
Mid-Con Energy emphasized the following 2012 significant events:
- Increased the quarterly distribution rate approximately 4% from $0.475 per unit for the quarter ended December 31, 2011 to $0.495 per unit for the quarter ended December 31, 2012.
- Acquired 442 Boe per day average net production and 3.0 MMBoe net proved reserves in four separate transactions for a combined purchase price of approximately $49.0 million, subject to customary post-closing adjustments.
- Completed first follow-on offering in October 2012 of 1,000,000 common units representing limited partner interests at a price to the public of $21.20 per unit. Net proceeds of $20.4 million were used to reduce borrowings outstanding under the credit facility.
|Three Months Ended||Year Ended|
|December 31,||December 31,|
|($ in thousands)|
|Natural gas (MMcf)||31||38||122||164|
|Total (MBoe) (1)||208||136||698||434|
|Average net daily production (Boe/d) (1)||2,261||1,481||1,907||1,191|
|Revenues, excluding realized commodity derivatives||$ 17,162||$ 11,989||$ 61,561||$ 38,031|
|Revenues, including realized commodity derivatives||$ 18,892||$ 10,630||$ 65,271||$ 35,874|
|Net income (loss)||$ 6,909||$ (2,984)||$ 29,862||$ 18,968|
|Adjusted EBITDA (2)||$ 13,348||$ 5,966||$ 47,681||$ 23,994|
|Distributable Cash Flow (2)||$ 11,731||$ 5,687||$ 41,883||$ 20,404|
|(1) Production volumes in Boe equivalents calculated at a rate of six Mcf per Bbl.|
|(2) Non-GAAP financial measures. Please refer to the related disclosure and reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow included in this press release.|
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