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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

Stocks in this article: MCEP

The following table shows estimated proved reserves as of December 31, 2012, as prepared by the Partnership's internal reserve engineers and audited by Cawley, Gillespie & Associates, Inc., independent petroleum engineers.

  Oil Gas  
  (MBbls) (MMcf) MBoe (1)
Proved developed and undeveloped reserves:      
As of December 31, 2011  9,936  676  10,049
Revisions for previous estimates  (784)  (143)  (808)
Extensions, discoveries and other additions  1,572  --   1,572
Purchases of minerals in place  3,028  18  3,031
Production  (678)  (122)  (698)
As of December 31, 2012  13,074  429  13,146
Proved developed reserves:      
December 31, 2012  8,727  429  8,799
Proved undeveloped reserves:      
December 31, 2012  4,347  --   4,347
(1) Estimated quantities of oil and natural gas reserves in MBoe equivalents at a rate of six Mcf per Bbl.

2013 Guidance

The following outlook is subject to all the cautionary statements and limitations described under the "Forward-Looking Statements" caption at the end of this press release.

  ($ in thousands, except per Boe and per unit metrics)
Total Production:      
Oil (MBbl) 911 -- 964
Natural Gas (MMcf) 66 -- 77
Total (MBoe) (1) 922 -- 976
Net Production Per Day:      
Oil (Bbl/d) 2,495 -- 2,640
Natural Gas (Mcf/d) 180 -- 210
Total (Boe/d) (1) 2,525 -- 2,675
Cost Per Boe (at mid-point of range):      
Production taxes (% of total revenue)   5.0%  
Lease operating expenses   $16.33  
General and administrative (2)   $5.53  
Targets (at mid-point of range):      
Adjusted EBITDA (3)   $61,000  
Less: Cash interest expense   ($2,250)  
Less: Estimated maintenance capital expenditures (4) ($8,200)  
Distributable Cash Flow   $50,550  
Distributable Cash Flow per unit (5)   $2.580  
Distribution per unit (5)(6)   $1.980  
Distribution coverage ratio   1.30x  
Commodity Price Assumptions (excluding the impact of hedges):  
NYMEX WTI ($ per Bbl)   $85.00  
Realized Price (% of NYMEX WTI)   95.2%  
NYMEX HH ($ per Mmbtu)   $3.00  
Realized Price (% of NYMEX HH) (7)   125.0%  
(1) Production volumes in Boe equivalents calculated at a rate of six Mcf per Bbl.
(2)  General and administrative expenses exclude non-cash equity-based compensation.
(3)  Assumes cash gain from impact of commodity derivatives of approximately $9.5 million in 2013.
(4)  Estimated maintenance capital expenditures based on December 31, 2012 reserve report audited by Cawley, Gillespie and Associates, Inc.
(5)  Based on 19,590,350 limited partner and general partner units outstanding as of March 5, 2013.
(6)  Based on most recent quarterly distribution announced of $0.495 per unit.
(7)  Includes the sale of NGLs.

These estimates and assumptions reflect management's best judgment based on current and anticipated market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control.

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