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MidCon Sees -18% Production Drop YOY; Inks Multiple Acquisitions

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   |    Tuesday,September 11,2018

Mid-Con Energy Partners reported its Q2 2018 results.

- Average daily production of 2,934 Boe/d, an increase of 4.8% from 1Q18 and a decrease of 17.6% YOY

  • The year-over-year variance was primarily due to the December 2017 sale of Southern Oklahoma properties, which had average production for November 2017 of 513 Boe/d.

Acquisition Spree

The company inked multiple acquisitions in Q2, including:

- Natural Gas Properties in Oklahoma

  • Purchased for $8.3 million
  • 1,084 MBOE in proved reserves
  • Daily production averaging 223 BOEPD

- Worland Natural Gas Properties / Midstream Assets

  • Purchased for $5.0 million
  • Located in Washakie County, Wyoming
  • 1,071 MBOE in proved reserves
  • Daily production averaging 544 BOEPD

- Wyoming Powder River Basin

  • Purchased for $1.0 million
  • Prospective for the Powder River Basin in Campbell County, Wyoming

- House Creek Working Interest in Wyoming

  • Acquired additional working interest in House Creek Unit in Wyoming (acquired 47.6% WI - holdings now total 95.7%)
  • Purchase price was $450,000

Click here to access these deals in Shale Experts M&A Database



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