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Mid-Con Energy Partners, LP Announces Full Year and Fourth Quarter 2012 Results, 2012 Year End Proved Reserves, 2013 Guidance and Updated Hedge Positions
DALLAS, March 5, 2013 Mid-Con Energy Partners, LP (NASDAQ: MCEP) (Mid-Con Energy or the Partnership) announced today financial and operating results for the fourth quarter and full year ended December 31, 2012. Results contained herein are preliminary, and are therefore subject to change prior to filing audited results on Form 10-K on or around March 6, 2013.
Mid-Con Energy emphasized the following 2012 results:
Increased production approximately 60% to 1,907 barrels of oil equivalent (Boe) per day on average in 2012 from 1,191 Boe per day on average in 2011. Furthermore, production in the fourth quarter of 2012 was 2,261 Boe per day on average.
Increased estimated net proved reserves approximately 31% to 13.1 million Boe (MMBoe) (99% Oil / 67% Proved Developed) at December 31, 2012 compared to 10.0 MMBoe (99% Oil / 69% Proved Developed) at December 31, 2011.
Increased Adjusted EBITDA approximately 99% to $47.7 million in 2012, up $23.7 million from $24.0 million in 2011.
Mid-Con Energy emphasized the following 2012 significant events:
Increased the quarterly distribution rate approximately 4% from $0.475 per unit for the quarter ended December 31, 2011 to $0.495 per unit for the quarter ended December 31, 2012.
Acquired 442 Boe per day average net production and 3.0 MMBoe net proved reserves in four separate transactions for a combined purchase price of approximately $49.0 million, subject to customary post-closing adjustments.
Completed first follow-on offering in October 2012 of 1,000,000 common units representing limited partner interests at a price to the public of $21.20 per unit. Net proceeds of $20.4 million were used to reduce borrowings outstanding under the credit facility.
The following table reflects selected operating and financial results for the full year and fourth quarter ended December 31, 2012 and previous year comparison. The Partnerships consolidated financial statements can be found in supplemental tables of this press release.
The following information was filed by Midcon Energy Partners, Lp (MCEP) on Tuesday, March 5, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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