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Mid-Con Energy Partners, LP Announces Full Year And Fourth Quarter 2012 Results, 2012 Year End Proved Reserves, 2013 Guidance And Updated Hedge Positions

Full Year 2012 Results

Production volumes for the twelve months ended December 31, 2012 were 698 thousand Boe (MBoe) or 1,907 Boe per day on average. In comparison, Mid-Con Energy's production volumes for the twelve months ended December 31, 2011 were 434 MBoe or 1,191 Boe per day on average. This approximate 60% increase in average daily production was primarily due to (i) ongoing waterflood response in each of our core areas, (ii) active drilling programs in the Partnership's Southern and Northeastern Oklahoma core areas (iii) six full months of realized production from 115 Boe per day on average acquired in June 2012, and (iv) realized production from approximately 83 and 244 Boe per day on average acquired in October and November 2012, respectively. During 2012, Mid-Con Energy's development activities accounted for $21.6 million in total capital expenditures, used to drill 39 gross (31 net) producing and injection wells.

Oil sales, excluding the effect of commodity derivatives, were $60.9 million in 2012 and accounted for approximately 99% of total oil and natural gas sales. This represented an approximate 65% increase from $36.8 million in 2011 and resulted in an average realized oil price of $89.80 per barrel (Bbl), in 2012 compared to $90.45 per Bbl in 2011. Approximately 74% of Mid-Con Energy's 2012 oil production was hedged at an average price of $101.51 per Bbl. Given the favorable variance between the average hedge price and NYMEX WTI, the Partnership received $3.7 million for realized commodity derivatives during 2012, or $5.47 per Bbl. This compares to $2.2 million paid during 2011, or a ($5.30) per Bbl.

Natural gas sales of $0.7 million, which included the sale of natural gas liquids, accounted for the remaining 1% of total oil and natural gas sales in 2012, and resulted in an average realized price of $5.52 per thousand cubic feet (Mcf).

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