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Mid-Con Energy Partners, LP Announces First Quarter 2013 Results

Total general and administrative expenses during the first quarter of 2013 were $6.7 million and included $4.6 million in non-cash equity-based compensation expense related to the Partnership's long-term incentive program. Total general and administrative expenses during the first quarter of 2012 were $3.6 million and included $2.7 million in non-cash equity based compensation expense.

Adjusted EBITDA for the first quarter of 2013 was $14.6 million, approximately 24% above Adjusted EBITDA of $11.8 million for the first quarter of 2012. Distributable Cash Flow for the first quarter of 2013 was $12.0 million after subtracting $0.6 million in cash interest expense and $2.0 million in estimated maintenance capital expenditures.

Mid-Con Energy reported net income of $4.1 million, or $0.21 per limited partner unit, for the first quarter of 2013. This included $1.8 million of unrealized losses from commodity derivatives. Net income during the first quarter of 2012 was $1.7 million, or $0.09 per limited partner unit, and included $4.8 million of unrealized losses from commodity derivatives.

Increased Cash Distribution

As announced on April 23, 2013, the Board of Directors of Mid-Con Energy's general partner declared its third consecutive increase in the quarterly cash distribution rate to $0.505 per unit for the quarter ended March 31, 2013. This represented an approximate 6% increase over the $0.475 per unit rate declared at the Partnership's initial public offering in December 2011. The cash distribution will be paid May 14, 2013 to unitholders of record at the close of business on May 7, 2013.

Hedging Update

Mid-Con Energy enters into various commodity derivative contracts intended to achieve more predictable cash flows and to reduce its exposure to fluctuations in the price of oil. The Partnership's hedging program objective is to protect its ability to make current distributions, and to be better positioned to increase its quarterly distribution over time, while retaining some ability to participate in upward movements in oil prices. Mid-Con Energy uses a phased approach, looking approximately 36 months forward while targeting a higher hedged percentage in the near 12 months of the period.

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