Mid-Con Energy Partners, LP Announces Borrowing Base Increase to 130 Million
DALLAS, Nov 15, 2012 (Menafn - GlobeNewswire via COMTEX) --Mid-Con Energy Partners, LP MCEP ("Mid-Con Energy") announced today that it has received lender commitments to increase its borrowing base to 130 million, up 30% from 100 million previously established under its existing 250 million senior secured revolving credit facility ("Credit Facility"). This increase is expected to close by December 1, 2012. Royal Bank of Canada acts as the Administrative Agent and is joined by BOKF NA, Comerica Bank and Wells Fargo Bank N.A. as participant lenders. The borrowing base is subject to scheduled redeterminations on or about April 30 and October 31 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.
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This press release includes "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," 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 (SEC) available at www.midconenergypartners.com or 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. 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 our 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:
--ability to replace the reserves we produce through acquisitions and the
development of our properties;
--oil and natural gas reserves;
--realized oil and natural gas prices;
--lease operating expenses;
--general and administrative expenses;
--future operating results;
--cash flow and liquidity;
--availability of production equipment;
--availability of oil field labor;
--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;
--counterparty credit risk;
--governmental regulation and taxation;
--developments in oil producing and natural gas producing countries; and
--plans, objectives, expectations and intentions.
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SOURCE: Mid-Con Energy Partners, LP
CONTACT: Jeff Olmstead
President and Chief Financial Officer
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