Headquartered in Tulsa, Oklahoma, Midstates Petroleum (ticker: MPO) focuses its operations on oil and liquids-rich plays in the Mississippian Lime in Oklahoma, and the Anadarko basin in Oklahoma and Texas.
The company’s Mississippian Lime assets total approximately 98,000 net acres, containing approximately 1,500 potential drilling locations.
The Mississippian Lime is a carbonate play located primarily in Northern Oklahoma and Southern Kansas. The formation itself is carbonaceous and does not behave exactly like unconventional plays, but the use of unconventional technologies like horizontal drilling enables additional production from the Mississippian Lime. The play’s production averaged 19,539 BOEPD in Q1, 2017.
Source: Midstates Petroleum
Midstates’ Anadarko assets produced an average of 4,023 BOEPD across its approximately 102,000 net acres. The company estimates that the Anadarko asset has another approximately 1,300 potential future drilling locations.
The company’s total production was comprised of approximately 30% oil, 24% natural gas liquids, and 46% natural gas.
Source: Midstates Petroleum
In February, 2017, Midstates published its 2016-year end reserves value at 177 MMBOE. The new reserves value represents a 141% improvement from the 2015 reserves estimate, which totaled 73.5 MMBOE.
Salt water disposal
The company completed the construction of two salt water disposal wells in its non-Arbuckle assets, which brought the total disposal capacity to 312,000 barrels per day. The additional water disposal infrastructure will grant Midstates some flexibility in building its production. The company has another five injection wells ready to be drilled, for extra flexibility in the water-disposal front.
Potential future development
Midstates indicated two potential options for its 2017 development strategy. In the first, the company would utilize one operating rig, and would grow its production to between 20,000 and 23,000 BOEPD, and would require between $90 and $100 million in capital expenditure. The other option would be to utilize two rigs, which would grow production to between 21,000 and 24,000 BOEPD and would require between $120 and $140 million in capital expenditures.
Midstates Petroleum Company Inc. is presenting at EnerCom’s The Oil & Gas Conference® 22
Midstates will be a presenting company at the upcoming EnerCom conference in Denver, Colorado—The Oil & Gas Conference® 22.
The conference is EnerCom’s 22nd Denver-based oil and gas focused investor conference, bringing together publicly traded E&Ps and oilfield service and technology companies with institutional investors. The conference will be at the Denver Downtown Westin Hotel, August 13-17, 2017. To register for The Oil & Gas Conference® 22 please visit the conference website.
