Operational Updates | Quarterly / Earnings Reports | Third Quarter (3Q) Update | Financial Results | Capital Markets
Mid-Con's Output Drops 11.5% YOY to 3,500 BOEPD
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Mid-Con reported its Q3 2017 results.
Highlights include:
- Production averaged 3,500 Boe/d, a decrease of 1.7% sequentially and a decrease of 11.5% year-over-year.
- Invested approximately $3.9 million in capital expenditures advancing key waterflood projects in our Northeastern Oklahoma and Permian core areas.
- Signed definitive agreement to divest oil and natural gas assets in our Southern Oklahoma area for $25.0 million, subject to customary post-closing adjustments.
- Received a limited waiver to our credit agreement, whereby the existing lender group agreed to waive any events of default related to breach of the total leverage financial covenant for the third quarter of 2017.
- Received lender commitments for a forthcoming bank amendment, subject to certain conditions being met, which would extend the maturity of our credit facility, among other changes.
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