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

As announced on April 12, 2013, Mid-Con Energy's bank group unanimously reaffirmed the Partnership's $130.0 million borrowing base as part of its regularly scheduled semi-annual redetermination. There were no changes to the interest rate, repayment terms or number of banks in the revolving credit facility. The next scheduled redetermination of the borrowing base will occur on or about October 30, 2013.

Quarterly Report on Form 10-Q

Certain financial results included in this press release and related footnotes will be available in Mid-Con Energy's March 31, 2013 Quarterly Report on Form 10-Q, which will be filed on or before May 10, 2013.

Earnings Conference Call

As announced on April 23, 2013, Mid-Con Energy's management will host a conference call on Wednesday, May 8, 2013 at 10:00 a.m. ET (9:00 a.m. CT) to discuss operating and financial results. Interested parties are invited to participate via telephone by dialing 1-877-847-5946 (Conference ID: 53251051) at least five minutes prior to the scheduled start time of the call, or via webcast by clicking on "Events & Presentations" in the investor relations section of the Mid-Con Energy website at www.midconenergypartners.com .

A telephonic replay of the conference call will be available through May 15, 2013 by dialing 1-855-859-2056 (Conference ID: 53251051). Additionally, a webcast archive will be available at www.midconenergypartners.com .

About Mid-Con Energy Partners, LP

Mid-Con Energy is a Delaware limited partnership formed in July 2011 to own, operate, acquire, exploit and develop producing oil and natural gas properties in North America, with a focus on the Mid-Continent region of the United States. Mid-Con Energy's core areas of operation are located in Southern Oklahoma, Northeastern Oklahoma and parts of Oklahoma and Colorado within the Hugoton Basin.

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)
     
  March 31, December 31,
  2013 2012
ASSETS    
CURRENT ASSETS:    
Cash and cash equivalents  $ 908  $ 1,053
Accounts receivable:    
Oil and gas sales  6,717  6,413
Other  313  603
Derivative financial instruments  1,943  3,679
Prepaids and other  516  25
Total current assets  10,397  11,773
     
PROPERTY AND EQUIPMENT, at cost:    
Oil and gas properties, successful efforts method:    
Proved properties  174,876  167,036
Accumulated depletion, depreciation and amortization  (25,190)  (21,727)
Total property and equipment, net  149,686  145,309
     
DERIVATIVE FINANCIAL INSTRUMENTS  800  858
     
OTHER ASSETS  440  650
Total assets  $ 161,323  $ 158,590
     
LIABILITIES AND EQUITY    
CURRENT LIABILITIES:    
Accounts payable  $ 6,721  $ 5,204
Accrued liabilities  477  315
Total current liabilities  7,198  5,519
     
LONG-TERM DEBT  80,000  78,000
     
ASSET RETIREMENT OBLIGATIONS  2,956  2,890
     
EQUITY:    
Partnership equity    
General partner interest  1,795  1,814
Limited partners – 19,230,350 and 18,990,849 units outstanding as of March 31, 2013 and December 31, 2012, respectively  69,374  70,367
Total equity  71,169  72,181
Total liabilities and equity  $ 161,323  $ 158,590
 
Mid-Con Energy Partners, LP and subsidiaries
Consolidated Statements of Operations (Unaudited)
(in thousands, except per unit data)
     
  Three Months Ended
  March 31,
  2013 2012
Revenues:    
 Oil sales   $ 19,998  $ 15,336
 Natural gas sales   178  171
 Realized gain (loss) on derivatives, net   673  (134)
 Unrealized loss on derivatives, net   (1,793)  (4,773)
 Total revenues   19,056  10,600
     
Operating costs and expenses:  
 Lease operating expenses   3,346  1,947
 Oil and gas production taxes   790  671
 Depreciation, depletion and amortization   3,463  2,312
 Accretion of discount on asset retirement obligations   38  27
 General and administrative   6,748  3,630
 Total operating costs and expenses   14,385  8,587
 Income from operations   4,671  2,013
     
Other income (expense):  
 Interest income and other   1  2
 Interest expense   (613)  (353)
 Total other expense   (612)  (351)
     
Net income  $ 4,059  $ 1,662
     
Computation of net income per limited partner unit:
General partners' interest in net income  $ 74  $ 33
Limited partners' interest in net income  $ 3,985  $ 1,629
Net income per limited partner unit (basic and diluted)   $ 0.21  $ 0.09
Weighted average limited partner units outstanding:    
(basic and diluted)  19,146 17,739
 
Mid-Con Energy Partners, LP and subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
  Three Months Ended
  March 31,
  2013 2012
Cash Flows from Operating Activities:    
Net income   $ 4,059  $ 1,662
Adjustments to reconcile net income to net cash  provided by operating activities:    
Depreciation, depletion and amortization   3,463  2,312
Debt placement fee amortization   42  27
Accretion of discount on asset retirement obligations   38  27
Unrealized loss on derivative instruments, net   1,793  4,773
Equity-based compensation   4,626  2,652
Changes in operating assets and liabilities:     
Accounts receivable   (304)  (479)
Other receivables   290  --
Prepaids and other   (323)  2,379
Accounts payable and accrued liabilities   1,287  706
Net cash provided by operating activities   14,971  14,059
     
Cash Flows from Investing Activities:    
Additions to oil and gas properties   (7,155)  (4,646)
Acquisitions of oil properties   (264)  --
Net cash used in investing activities   (7,419)  (4,646)
     
Cash Flows from Financing Activities:    
Proceeds from line of credit   16,000  --
Payments on line of credit   (14,000)  (3,000)
Distributions paid   (9,697)  (1,034)
Net cash used in financing activities   (7,697)  (4,034)
Net (decrease) increase in cash and cash equivalents   (145)  5,379
Beginning cash and cash equivalents  1,053  228
Ending cash and cash equivalents  $ 908  $ 5,607
     
Supplemental Cash Flow Information:    
 Cash paid for interest   $ 560  $ 340
Non-Cash Investing and Financing Activities:    
 Accrued capital expenditures - oil and gas properties   $ 1,397  $ 19

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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