Exhibit 99.1

 

 

321 SOUTH BOSTON AVENUE, SUITE 1000

TULSA, OKLAHOMA 74103

 

PRESS RELEASE FOR IMMEDIATE ISSUANCE

 

MIDSTATES PETROLEUM ANNOUNCES THIRD QUARTER 2017 RESULTS

REPORTS NET INCOME OF $3.7 MILLION, $0.14 PER SHARE

 

TULSA, OK — (BUSINESS WIRE) — November 13, 2017 — Midstates Petroleum Company, Inc. (“Midstates” or the “Company”) (NYSE: MPO) today announced its third quarter 2017 results.

 

Third Quarter 2017 and Recent Highlights

 

·                  Named David Sambrooks as President and Chief Executive Officer

·                  Achieved Net Income of $3.7 million or $0.14 per share, which included a $6.5 million non-cash loss on derivative contracts

·                  Generated Adjusted EBITDA of $30.2 million, before debt restructuring and advisory fees

·                  Reported net debt of approximately $51.6 million as of September 30, 2017

·                  Reaffirmed the Company’s borrowing base at $170 million, based solely on the Company’s Mississippian Lime assets

·                  Sold non-core Lincoln County, Oklahoma, assets in July 2017 for $7.0 million; with net proceeds of $2.9 million (after assumption of liabilities and subject to standard post-closing adjustments)

·                  Hired SunTrust Robinson Humphrey (“SunTrust”) to explore strategic alternatives for Anadarko Basin and NW STACK assets

·                  Continued execution of the Company’s strategy of increasing non-Arbuckle salt water disposal (“SWD”) capacity with the addition of a 10th non-Arbuckle SWD well during the third quarter of 2017

·                  Achieved total Company production of  21,358 barrels of oil equivalent per day (“BOEPD”) in the third quarter of 2017, of which 82% was in the Mississippian Lime, with the balance in the Anadarko Basin

 

David Sambrooks, President and Chief Executive Officer, commented, “We are pleased with our results during the third quarter as we continue to operate firmly within, or better than, guidance and in line with our 2017 budget.  Pursuant to our goal to narrow the operational focus to our Mississippian Lime assets, we sold our non-core assets in Lincoln County, Oklahoma, and have hired SunTrust to assist us in exploring strategic alternatives for our stacked pay Anadarko Basin and NW STACK assets.  The continued execution of our near-term strategy will further enhance our excellent financial foundation and provide maximum optionality to drive shareholder value.”

 

Mr. Sambrooks continued, “We have kicked off an extensive internal review to focus the organization on high-grading our Miss Lime development opportunities, optimizing our production base, and reducing costs to improve liquidity and further increase our margins.  We are excited about the opportunities and optionality that Midstates possesses to create significant value going forward.”

 

(Adjusted EBITDA, Adjusted Cash Operating Expenses, and Adjusted Cash General and Administrative Expenses are non-GAAP financial measures. Each measure is defined and reconciled to the most directly comparable GAAP measure under “Non-GAAP Financial Measures” in the tables below.)

 


The following information was filed by Midstates Petroleum Company, Inc. (MPO) 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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