Mid-Con Energy Partners, LP Announces Third Quarter 2017 Results and $25 Million Divestiture of Southern Oklahoma Assets

 

TULSA, November 14, 2017 – Mid-Con Energy Partners, LP (NASDAQ: MCEP) (“Mid-Con Energy” or the “Partnership”) announces operating and financial results for the third quarter ended September 30, 2017.

 

THIRD QUARTER 2017 SUMMARY AND SUBSEQUENT HIGHLIGHTS

 

Production averaged 3,500 Boe/d, a decrease of 1.7% sequentially and a decrease of 11.5% year-over-year.

 

Invested approximately $3.9 million in capital expenditures advancing key waterflood projects in our Northeastern Oklahoma and Permian core areas.

 

Signed definitive agreement to divest oil and natural gas assets in our Southern Oklahoma area for $25.0 million, subject to customary post-closing adjustments.

 

Executed a definitive agreement with a group of investors led by John Goff, our largest unitholder, in a private offering of up to $15.0 million aggregate principal amount of Class B Convertible Preferred Units for general partnership purposes, including but not limited to, future acquisitions and reduction of borrowings outstanding under the Partnership’s revolving credit facility.

 

Received a limited waiver to our credit agreement, whereby the existing lender group agreed to waive any events of default related to breach of the total leverage financial covenant for the third quarter of 2017.

 

Received lender commitments for a forthcoming bank amendment, subject to certain conditions being met, which would extend the maturity of our credit facility, among other changes.

 

“We are pleased to report a number of pending transactions that we believe will provide us with the flexibility and liquidity necessary to take advantage of opportunities we see in the market today, and benefit the Partnership for years to come,” commented Jeff Olmstead, our President and Chief Executive Officer.  “From an operational perspective, our grassroots waterflood projects in the Northeastern Oklahoma and Permian core areas continued to yield positive results, which allowed us to accelerate our development in those units and position us for future growth.”

 

The following table reflects selected unaudited operating and financial results for the third quarter of 2017, compared to the second quarter of 2017 and the third quarter of 2016. Mid-Con Energy’s unaudited condensed consolidated financial statements are included at the end of this press release.

 

 

Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

September 30,

 

($ in thousands)

 

2017

 

 

2017

 

 

2016

 

Average net daily production (Boe/d)(1)

 

 

3,500

 

 

 

3,560

 

 

 

3,957

 

Oil & natural gas sales plus cash settlements from matured derivatives,

   inclusive of premiums, net(2)(3)

 

$

12,951

 

 

$

12,964

 

 

$

15,592

 

Net loss

 

$

(7,921

)

 

$

(15,199

)

 

$

(2,421

)

Adjusted EBITDA(4)

 

$

3,899

 

 

$

5,474

 

 

$

11,873

 

Distributable Cash Flow(4)

 

$

215

 

 

$

2,878

 

 

$

9,104

 

1

 


The following information was filed by Midcon Energy Partners, Lp (MCEP) on Tuesday, November 14, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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