DALLAS, April 23, 2013 (GLOBE NEWSWIRE) -- Mid-Con Energy Partners, LP (Nasdaq:MCEP) ("Mid-Con Energy" or the "Partnership") announced today that the Board of Directors of its general partner declared an increase in the quarterly cash distribution rate to $0.505 per unit for the quarter ended March 31, 2013, or $2.02 per unit on an annualized basis. The distribution will be payable May 14, 2013 to all unitholders of record at the close of business on May 7, 2013. This represents an approximate 6% increase over the first quarter 2012 cash distribution rate of $0.475 per unit and an approximate 2% sequential increase over the fourth quarter 2012 cash distribution rate of $0.495 per unit.
Newly Appointed Directors
The Partnership also announced that the Board of Directors of its general partner expanded to nine directors, with the appointment of Dr. Michael Wiggins and Mr. Fred Ball, Jr., effective April 22, 2013. Mr. Ball is joining the board as an independent director and a member of the audit committee.
- Dr. Michael Wiggins currently serves as Mid-Con Energy's Executive Vice President and Chief Engineer. Previously, Dr. Wiggins served as President of William M. Cobb & Associates, Inc. where his expertise included reservoir studies, oil and gas reserve evaluations and audits, improved recovery design, educational courses and litigation support including expert witness services. He has over 30 years of professional experience in academia and the upstream oil and gas industry including drilling, production, and reservoir engineering. Dr. Wiggins is a Distinguished Member of the Society of Petroleum Engineers ("SPE") and has served on the SPE Board of Directors. Dr. Wiggins earned his Bachelor of Science, Master of Engineering and Ph.D. degrees in Petroleum Engineering from Texas A&M University. Dr. Wiggins is a registered professional engineer in the states of Texas and Oklahoma.
- Mr. Fred Ball, Jr. currently serves as Senior Chairman of the Board for Bank of Texas, a division of BOK Financial Corporation. During his 16 year tenure at Bank of Texas, Mr. Ball has been elected to various executive positions including President, Chief Executive Officer and Chairman. Prior to Bank of Texas, he served as President of Comerica Securities, Inc., a subsidiary of Comerica Incorporated in Detroit. Mr. Ball currently serves on the Board of Directors for BOK Financial Corporation, the National Teachers Associates Life Insurance Company, where he is also a member of the audit committee, and at Southern Methodist University, where he resides on both the Executive Board of the Edwin L. Cox School of Business and the Executive Board of the Lyle School of Engineering. Mr. Ball earned his Bachelor of Science in Engineering and Master of Business Administration from Southern Methodist University.