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

Stocks in this article: MCEP

DALLAS, Nov. 5, 2013 (GLOBE NEWSWIRE) -- Mid-Con Energy Partners, LP (Nasdaq:MCEP) ("Mid-Con Energy" or the "Partnership") announced today its financial and operating results for the third quarter ended September 30, 2013.

Mid-Con Energy highlighted the following results:

  • Increased production approximately 32% to 2,522 barrels of oil equivalent (Boe) per day on average in the third quarter of 2013, compared to 1,913 Boe per day on average in the third quarter of 2012. This represents a temporary decrease of approximately 71 Boe per day (or 3%) compared to the 2,593 Boe per day in the second quarter of 2013 due to the conversion of eight production wells to injection wells and ongoing completion operations for eight newly drilled wells.
  • Increased Adjusted EBITDA approximately 26% to $14.9 million in the third quarter of 2013, up $3.1 million from $11.8 million in the third quarter of 2012. Adjusted EBITDA was $16.1 million in the second quarter of 2013.
  • On October 23, 2013, the Board of Directors of Mid-Con Energy's general partner declared a quarterly cash distribution of $0.515 per unit, or $2.06 per unit on an annualized basis.
  • On November 5, 2013, Mid-Con Energy and its lender group executed an amendment to the credit agreement increasing the Partnership's borrowing base from $130.0 million to $150.0 million, extending the maturity approximately two years to November 2018, and adding the Bank of Nova Scotia to its lender group.

The following table reflects selected operating and financial results for the third quarter of 2013, compared to the third quarter of 2012 and second quarter of 2013. Mid-Con Energy's unaudited condensed consolidated financial statements can be found in the supplemental tables of this press release.

  Three Months Ended
  September 30, June 30,
  2013 2012 2013
  ($ in thousands)
Oil (MBbl)  227  171  230
Natural gas (MMcf)  32  31  36
Total (MBoe) (1)  232  176  236
Average net daily production (Boe/d) (1)  2,522  1,913  2,593
Revenues, excluding net settlements on commodity derivatives  $ 22,982  $ 15,048  $ 21,110
Revenues, including net settlements on commodity derivatives  $ 21,689  $ 16,259  $ 21,819
Net income (loss)  $ 4,257  $ (1,137)  $ 10,538
Adjusted EBITDA (2)  $ 14,935  $ 11,830  $ 16,054
Distributable Cash Flow (2)  $ 12,043  $ 10,728  $ 12,776
(1) Production volumes in Boe equivalents calculated at a rate of six Mcf per Bbl.
(2) Non-GAAP financial measures. Please refer to the related disclosure and reconciliation of net income (loss) to Adjusted EBITDA and Distributable Cash Flow included in this press release.

Randy Olmstead, Chief Executive Officer and Director, commented, "We recognize the slight downturn in our daily production rate this quarter over the preceding quarter. Occasionally, we need to focus on injection at the expense of current production to increase reserves and future production over the life of the waterfloods. We continue to forecast increases in our proved non-producing reserves, as additional injection plans are executed. Most importantly, our current distribution coverage allows us to complete this work, which will benefit us in the long term, without impacting our current distribution."

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