DALLAS, May 31, 2016 (GLOBE NEWSWIRE) — Mid-Con Energy Partners, LP (NASDAQ:MCEP) (“Mid-Con Energy” or the “Partnership”) announces completion of its spring 2016 borrowing base redetermination. The new borrowing base becomes effective on June 1, 2016, and will be comprised of a$53 million permitted overadvance and a $110 million conforming tranche. Notably, since inception of Mid-Con Energy’s credit facility in December 2011, the Partnership has been in compliance with all lender covenants and has at no time been deficient. Further, the Partnership expects to remain compliant and in good standing with our lenders under this agreement.
As of May 31, 2016, the Partnership had $163 million in debt outstanding. Pro forma for the previously announced $18 million Hugoton divestiture, which remains on schedule to close on or before July 29, 2016, debt outstanding would be $145 million. Mid-Con Energy’s next regularly scheduled bi-annual redetermination is expected to occur on or about November 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.
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 inSouthern Oklahoma, Northeastern Oklahoma, the Gulf Coast, the Hugoton, and the Permian. For more information, please visit Mid-Con Energy’swebsite at www.midconenergypartners.com.
