EXHIBIT 99.1

 

Mid-Con Energy Partners, LP Announces Quarterly Distribution on Preferred Units and Second Quarter 2018 Operating and Financial Results

 

TULSA, July 31, 2018 – Mid-Con Energy Partners, LP (NASDAQ: MCEP) (“Mid-Con Energy” or the “Partnership”) announces operating and financial results for the second quarter ended June 30, 2018.

 

“I am extremely proud of what we accomplished in the second quarter,” commented Jeff Olmstead, President and CEO. “Production increases helped provide enough excess cash flow to execute on our CAPEX plan, make acquisitions and fund deposits on acquisitions that closed in July, pay down debt and consequently increase our liquidity compared to the previous quarter. We were then able to use that excess liquidity to acquire several new assets in Oklahoma and Wyoming in July 2018 at what we believe are very favorable purchase prices.

 

“Since the beginning of the year, we have increased our production and resulting cash flow, reduced our total outstanding debt and leverage, and added to our inventory of development opportunities. As a result, we have increased our full year guidance at the end of this press release. We are continuing to execute our development plan and looking for more opportunities for growth in the second half of 2018.”

 

RECENT EVENTS

 

Closed on the acquisition of multiple oil and gas properties in Oklahoma in July 2018 for a purchase price of $8.3 million, subject to customary post-closing adjustments and the resolution of certain title defects. The properties consist of approximately 1,084 MBoe in proved developed producing reserves as of the second quarter of 2018, with average daily net production of 223 Boe/d during May 2018.

 

Closed the Worland acquisition in July 2018 for a purchase price of $5.0 million, subject to customary post-closing adjustments. The properties consist of approximately 1,071 MBoe in proved developed producing reserves as of the second quarter of 2018, with average net production of 544 Boe/d during May 2018.

 

Closed the Wyoming acquisition in July 2018 for a purchase price of $1.0 million, subject to customary post-closing adjustments. The properties consist of large grassroots waterflood prospects in the Powder River Basin.

SECOND QUARTER 2018 SUMMARY

 

Average daily production of 2,934 Boe/d, an increase of 4.8% sequentially and a decrease of 17.6% year-over-year. Sequentially, organic growth in production and recent acquisitions resulted in a positive variance. The year-over-year variance was primarily due to the December 2017 sale of Southern Oklahoma properties, which had average production for November 2017 of 513 Boe/d.

 

Realized prices per Boe, inclusive of cash settlements from matured derivatives and premiums paid, averaged $52.49/Boe, a decrease of 1.2% sequentially and an increase of 31.2% year-over-year.

 

Lease operating expenses (“LOE”) of $5.3 million, an increase of 9.4% sequentially and a decrease of 5.9% year-over-year.

 

Net loss of $6.9 million in the second quarter of 2018, a decrease of 32.4% sequentially and a decrease of 54.9 % year-over-year.

 

Resulting Adjusted EBITDA of $6.6 million, a 9.6% increase sequentially and a 21.1% increase year-over-year.

 

Reaffirmed the Partnership’s credit agreement with a borrowing base of $125 million in June 2018.

(1)

Our Credit Agreement calls for us to calculate our Leverage Covenant for the period beginning October 1, 2017 on an annualized basis until we reach September 30, 2018. At that point in time the calculation will return to a trailing-twelve-month test.

 


The following information was filed by Midcon Energy Partners, Lp (MCEP) on Tuesday, July 31, 2018 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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