Press Release
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Mid-Con Energy Partners, LP Announces Borrowing Base Redetermination
- Extending the Maturity Date to
May 1, 2021 ; - Decreasing the Borrowing Base from
$110 million to $95 million ; - Instituting a Borrowing Cap of
$85 million and requiring the Partnership to have a Consolidated Funded Indebtedness to Consolidated EBITDAX of less than 3.0 to 1.0 to make any borrowings above the Borrowing Cap; - Requiring the Partnership’s Leverage Ratio of Consolidated Funded Indebtedness to Consolidated EBITDAX not to exceed:
- 4.0 to 1.0 for the quarter ending
December 31, 2019 , - 3.75 to 1.0 for the quarter ending
March 31, 2020 , and - 3.5 to 1.0 for the quarter ending
June 30, 2020 and thereafter.
- 4.0 to 1.0 for the quarter ending
The next regularly scheduled Borrowing Base redetermination will occur in the spring of 2020.
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This press release may include “forward-looking statements” — that is, statements related to future, not past, events within meaning of the federal securities laws. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate,” “believe,” “estimate,” “intend,” “expect,” “plan,” “project,” “should,” “goal,” “forecast,” “guidance,” “could,” “may,” “continue,” “might,” “potential,” “scheduled,” “pursue,” “target,” “will” and the negative of such terms or other comparable terminology. These forward-looking statements involve certain risks and uncertainties and ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. For further discussion of risks and uncertainties, you should refer to
Investor Relations Contact
IR@midcon-energy.com
(918) 743-7575
Source: Mid-Con Energy Partners, LP