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Midstates Petroleum Announces Agreement for Sale of Dequincy Area Assets in Gulf Coast For $44 Million
Business Wire
Midstates Petroleum Company, Inc. 5 minutes ago



Midstates Petroleum Company, I …
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TULSA, Okla.--(BUSINESS WIRE)--

Midstates Petroleum Company, Inc. (MPO) (the “Company”) announced today that its wholly-owned subsidiary, Midstates Petroleum Company LLC, has executed a Purchase and Sale Agreement (“PSA”) with Pintail Oil and Gas LLC, a portfolio company of Ridgemont Equity Partners, for the sale of its Dequincy assets located in Beauregard and Calcasieu Parishes, Louisiana for total consideration of $44 million, subject to customary purchase price adjustments. The PSA includes Midstates’ ownership interest in developed and undeveloped acreage totaling approximately 12,700 net mineral acres in the Dequincy area. At year-end 2014, the properties produced approximately 1,300 barrels of oil equivalent per day. The transaction does not include Midstates’ acreage and interests in the Fleetwood area of Louisiana. The net proceeds from the sale will be used to pay down a portion of the outstanding borrowings under the Company’s revolving credit facility and for general corporate purposes. The transaction has an effective date of March 1, 2015 and is expected to close on or before April 30, 2015, subject to customary closing conditions. RBC Richardson Barr acted as advisors to the Company on the transaction.

Mark E. Eck, Midstates’ Executive Vice President and COO commented, “This sale of our Dequincy assets is another step forward in our overall strategic plan to add liquidity and focus on our premier position in the Mid-Continent. We will continue to evaluate all options that maximize value for our stakeholders and best position Midstates to succeed in the future.”