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 Full Year And Fourth Quarter 2012 Results, 2012 Year End Proved Reserves, 2013 Guidance And Updated Hedge Positions

Stocks in this article: MCEP

Lease operating expenses were $3.6 million, or $17.25 per Boe, in the fourth quarter of 2012 compared to $2.5 million, or $18.68 per Boe, in the fourth quarter of 2011.

Production taxes in the fourth quarter of 2012 were $0.7 million, or $3.21 per Boe, for an effective tax rate of approximately 3.9% compared to production taxes in the fourth quarter of 2011 of $0.8 million, or $5.53 per Boe, for an effective tax rate of 6.3%.

Total general and administrative expenses during the fourth quarter of 2012 were $2.4 million and included $1.1 million in non-cash equity-based compensation. In comparison, general and administrative expenses during the fourth quarter of 2011 were $1.4 million.

Adjusted EBITDA for the fourth quarter of 2012 was $13.3 million, approximately 122% above Adjusted EBITDA of $6.0 million for the fourth quarter of 2011. Distributable Cash Flow for the fourth quarter of 2012 was $11.7 million after subtracting $0.5 million in cash interest expense and $1.1 million in estimated maintenance capital expenditures.

Year End 2012 Estimated Net Proved Reserves

Mid-Con Energy's year end 2012 estimated net proved reserves were 13.1 MMBoe, representing a 3.1 MMBoe or approximate 31% increase compared to year end 2011 estimated net proved reserves of 10.0 MMBoe. Reserves at year end 2012 were categorized as approximately 99% oil and 67% proved developed, both on a Boe basis.

At December 31, 2012, the standardized measure of the Partnership's estimated net proved reserves was $403.4 million. The standardized measure represents the present value of estimated future net revenue to be generated from the production of proved reserves, determined in accordance with the rules and regulations of the SEC, without giving effect to non-property related expenses, such as general and administrative expenses, debt service and future federal income tax expense, or to depreciation, depletion and amortization, and then discounted using an annual rate of 10 percent. Given Mid-Con Energy's status as a limited partnership, the calculation of standardized measure does not include any provision for federal income tax expense.

4 of 9

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 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

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