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

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Forward-Looking Statements

This press release includes "forward-looking statements" — that is, statements related to future, not past, events within meaning of the federal securities laws. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate," "believe," "estimate," "intend," "expect," "plan," "project," "should," "goal," "forecast," "guidance," "could," "may," "continue," "might," "potential," "scheduled," or "will" or other similar words. These forward-looking statements involve certain risks and uncertainties and ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. For further discussion of risks and uncertainties, you should refer to Mid-Con Energy's filings with the SEC available at www.midconenergypartners.com or www.sec.gov . Mid-Con Energy undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement and our SEC filings.

These forward–looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which may include statements about our:

• business strategies;
• ability to replace the reserves we produce through acquisitions and the development of our properties;
• oil and natural gas reserves;
• technology;
• realized oil and natural gas prices;
• production volumes;
• lease operating expenses;
• general and administrative expenses;
• future operating results;
• cash flow and liquidity;
• availability of production equipment;
• availability of oil field labor;
• capital expenditures;
• availability and terms of capital;
• marketing of oil and natural gas;
• general economic conditions;
• competition in the oil and natural gas industry;
• effectiveness of risk management activities;
• environmental liabilities;
• counterparty credit risk;
• governmental regulation and taxation;
• developments in oil producing and natural gas producing countries; and
• plans, objectives, expectations and intentions.

Mid-Con Energy Partners, LP and subsidiaries
Consolidated Balance Sheets (Unaudited)
(in thousands, except number of units)
	December 31,
	2012	2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$ 1,053	$ 228
Accounts receivable:
Oil and gas sales	6,413	5,018
Other	603	2,405
Derivative financial instruments	3,679	1,028
Prepaids and other	25	25
Total current assets	11,773	8,704
PROPERTY AND EQUIPMENT, at cost:
Oil and gas properties, successful efforts method:
Proved properties	167,036	97,269
Accumulated depletion, depreciation and amortization	(21,727)	(11,403)
Total property and equipment, net	145,309	85,866
DERIVATIVE FINANCIAL INSTRUMENTS	858	1,505
OTHER ASSETS	650	536
Total assets	$ 158,590	$ 96,611
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$ 5,204	$ 4,575
Accrued liabilities	315	138
Other payables	--	1,630
Total current liabilities	5,519	6,343
LONG-TERM DEBT	78,000	45,000
ASSET RETIREMENT OBLIGATIONS	2,890	1,919
EQUITY:
Partnership equity
General partner interest	1,814	1,299
Limited partners – 18,990,849 and 17,640,000 units issued and outstanding as of December 31, 2012 and 2011, respectively	70,367	42,050
Total equity	72,181	43,349
Total liabilities and equity	$ 158,590	$ 96,611

Mid-Con Energy Partners, LP and subsidiaries
Consolidated Statements of Operations (Unaudited)
(in thousands, except per unit data)
	Three Months Ended		Year Ended
	December 31,		December 31,
	2012	2011	2012	2011
Revenues:
Oil sales	$ 16,950	$ 11,745	$ 60,887	$ 36,813
Natural gas sales	212	244	674	1,218
Realized gain (loss) on derivatives, net	1,730	(1,359)	3,710	(2,157)
Unrealized gain (loss) on derivatives, net	(1,634)	(5,962)	2,004	3,437
Total revenues	17,258	4,668	67,275	39,311
Operating costs and expenses:
Lease operating expenses	3,589	2,540	10,948	8,491
Oil and gas production taxes	667	752	1,965	1,869
Impairment of proved oil and gas properties	41	--	1,296	--
Dry holes and abandonments of unproved properties	--	41	--	813
Depreciation, depletion and amortization	3,004	2,842	10,324	7,160
Accretion of discount on asset retirement obligations	34	23	126	78
General and administrative (includes non-cash equity-based compensation)	2,417	1,372	11,000	3,767
Total operating costs and expenses	9,752	7,570	35,659	22,178
Income (loss) from operations	7,506	(2,902)	31,616	17,133
Other income (expense):
Interest income and other	3	56	10	216
Interest expense	(600)	(199)	(1,764)	(578)
Gain on sale of assets	--	61	--	1,621
Other revenue and expenses, net	--	--	--	576
Total other income (expense)	(597)	(82)	(1,754)	1,835
Net income (loss)	$ 6,909	$ (2,984)	$ 29,862	$ 18,968
Computation of net income (loss) per limited partner unit:
General partners' interest in net income (loss)	$ 130	$ (60)	$ 584	$ 379
Limited partners' interest in net income (loss)	$ 6,779	$ (2,924)	$ 29,278	$ 18,589
Net income (loss) per limited partner unit (basic and diluted)	$ 0.36	$ (0.17)	$ 1.62	$ 1.05
Weighted average limited partner units outstanding: (basic and diluted)	18,777	17,640	18,049	17,640

Mid-Con Energy Partners, LP and subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
	Year Ended
	December 31,
	2012	2011
Cash Flows from Operating Activities:
Net income	$ 29,862	$ 18,968
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	10,324	7,160
Debt placement fee amortization	131	--
Accretion of discount on asset retirement obligations	126	78
Impairment of proved oil and gas properties	1,296	--
Dry holes and abandonments of unproved properties	--	813
Unrealized gain on derivative instruments, net	(2,004)	(3,437)
Gain on sale of assets	--	(1,621)
Equity-based compensation	6,323	1,671
Changes in operating assets and liabilities:
Accounts receivable	(1,395)	(4,454)
Other receivables	(603)	--
Prepaids and other	2,159	415
Accounts payable and accrued liabilities	1,498	4,608
Revenues payable	--	32
Advance billings and other	--	(120)
Net cash provided by operating activities	47,717	24,113
Cash Flows from Investing Activities:
Additions to oil and gas properties	(23,960)	(32,654)
Additions to other property and equipment	--	(679)
Acquisitions of oil and natural gas properties	(48,579)	(16,026)
Proceeds from sale of other property and equipment	--	1,219
Proceeds from sale of investment in subsidiary, net of cash sold	--	2,095
Proceeds from sale of property and equipment to subsidiary, net of cash sold	--	4,000
Net cash used in investing activities	(72,539)	(42,045)
Cash Flows from Financing Activities:
Proceeds from line of credit	80,800	68,564
Payments on line of credit	(47,800)	(29,385)
Borrowings on note payable	--	412
Payments on note payable	--	(84)
Proceeds from initial public offering, net of discount	--	87,397
Distributions paid	(27,705)	(110,937)
Repurchase of common units	--	(1)
Issuance of common units	20,352	1,972
Net cash provided by financing activities	25,647	17,938
Net increase in cash and cash equivalents	825	6
Beginning cash and cash equivalents	228	222
Ending cash and cash equivalents	$ 1,053	$ 228
Supplemental Cash Flow Information:
Cash paid for interest	$ 1,561	$ 535
Non-Cash Investing and Financing Activities
Accrued capital expenditures - oil and gas properties	$ 1,005	$ 3,331
Deferred gain on sale of property and equipment to subsidiary	$ --	$ 1,208

Non-GAAP Financial Measures

This press release, financial tables and other supplemental information include "Adjusted EBITDA" and "Distributable Cash Flow", each of which are non-generally accepted accounting principles ("Non-GAAP") measures used by our management to describe financial performance with external users of our financial statements.

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