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Jul 05, 2020

Mid-Con Energy Partners, LP Announces Increased Borrowing Base of $100 Million

DALLAS, April 23, 2012 (GLOBE NEWSWIRE) -- Mid-Con Energy Partners, LP (Nasdaq:MCEP) ("Mid-Con Energy") announced today that it has increased its borrowing base to $100 million from $75 million, a 33% increase, under its existing $250 million secured revolving credit facility ("Revolving Credit Facility"). Wells Fargo Bank, N.A. joined the lender group as a participant with this increase. The increase results in borrowing availability of $55 million under the Revolving Credit Facility based on $45 million of debt outstanding as of December 31, 2011. Royal Bank of Canada acts as the Administrative Agent with BOKF, N.A. and Wells Fargo Bank, N.A as participant lenders. The borrowing base is subject to scheduled redeterminations on or about April 30th and October 31st of each year.

About Mid-Con Energy Partners, LP

Mid-Con Energy is a Delaware limited partnership formed in July 2011 to own, operate, acquire, exploit and develop producing oil and natural gas properties in North America, with a focus on the Mid-Continent region of the United States. Mid-Con Energy's core areas of operation are located in Southern Oklahoma, Northeastern Oklahoma and parts of Oklahoma and Colorado within the Hugoton Basin.

The Mid-Con Energy Partners, LP logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11192

Forward-Looking Statements

This press release includes "forward-looking statements" — that is, statements related to future, not past, events within meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. 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," or "will" or other similar words. 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 Mid-Con Energy's filings with the Securities and Exchange Commission available at http://www.midconenergypartners.com or http://www.sec.gov. Mid-Con Energy undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement and other SEC filings.

These forward—looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which may include statements about our:

  • business strategies;
  • ability to replace the reserves we produce through acquisitions and the development of our properties;
  • oil and natural gas reserves;
  • technology;
  • realized oil and natural gas prices;
  • production volumes;
  • lease operating expenses;
  • general and administrative expenses;
  • future operating results;
  • cash flow and liquidity;
  • availability of production equipment;
  • availability of oil field labor;
  • capital expenditures;
  • availability and terms of capital;
  • marketing of oil and natural gas;
  • general economic conditions;
  • competition in the oil and natural gas industry;
  • effectiveness of risk management activities;
  • environmental liabilities;
  • counterparty credit risk;
  • governmental regulation and taxation;
  • developments in oil producing and natural gas producing countries; and
  • plans, objectives, expectations and intentions.
CONTACT: Jeff Olmstead

         President and Chief Financial Officer

         (972) 479-5980

         jolmstead@midcon-energy.com



         Matthew Lewis

         Associate

         (972) 479-5984

         mlewis@midcon-energy.com

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Source: Mid-Con Energy Partners, LP

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