Mid-Con Energy Partners, LP (MCEP) (“Mid-Con Energy” or the “Partnership”) announces completion of its fall 2015 borrowing base redetermination. The new $190 million borrowing base became effective on November 30, 2015 and includes monthly commitment reductions of $2.5 million through the Partnership’s next regularly scheduled bi-annual redetermination, which is expected to occur on or about May 1, 2016. Wells Fargo Bank N.A. serves as Administrative Agent of Mid-Con Energy’s $250 million senior secured revolving credit facility. Participant lenders include Frost Bank, Comerica Bank, Bank of Nova Scotia, BOKF NA, MUFG Union Bank, and the Royal Bank of Canada.
“We sincerely appreciate the support of our lenders during this challenged market environment,” commented Michael Peterson, Vice President and Chief Financial Officer. “The terms of our new borrowing base leave the Partnership well positioned to realize our objectives of securing the future, living within cash flow and maximizing long-term unitholder value.”
ABOUT MID-CON ENERGY PARTNERS, LP
Mid-Con Energy is a publicly held 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 Enhanced Oil Recovery (“EOR”). Mid-Con Energy’s core areas of operation are located in Southern Oklahoma, Northeastern Oklahoma, the Gulf Coast, the Hugoton, and the Permian. For more information, please visit Mid-Con Energy’s website at www.midconenergypartners.com.
