Midstates Petroleum Company, Inc. (NYSE: MPO) (“Midstates” or the “Company”) today announced an increase in the borrowing base under its reserve-based credit facility effective September 26, 2013 to $500 million, up $75 million from the prior borrowing base of $425 million. The increase was effected through an amendment to the Company’s existing credit agreement as part of the regular semi-annual borrowing base redetermination. The next regular redetermination of the borrowing base is scheduled for April 1, 2014.
John A. Crum, Chairman, President and Chief Executive Officer stated: “We are pleased with the confidence shown by our banking syndicate to increase our borrowing base, which reflects the strong increase in production the Company has been experiencing."
About Midstates Petroleum Company, Inc.
Midstates Petroleum Company, Inc. is an independent exploration and
production company focused on the application of modern drilling and
completion techniques to oil-prone resources in previously discovered
yet underdeveloped hydrocarbon trends. The Company’s operations are
currently focused on oilfields in the Mississippian Lime trend in
northwestern Oklahoma, in the Anadarko Basin in Texas and Oklahoma, and
in the Upper Gulf Coast Tertiary trend in central Louisiana. The Company
is headquartered in Houston, Texas. Additional information about the
Company is available at
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV