Exploration & Production | Capital Markets | Private Equity Activity
Midstates Reports First Quarter 2012 Financial and Operating Results
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Since December 31, 2011, Midstates continued to execute its drilling program, spudding 14 gross wells during the three months ended March 31, 2012, of which nine were producing, two were awaiting completion and three were drilling at quarter end. Since March 31, 2012, Midstates spud 12 additional wells. The Company’s first horizontal well in the Upper Gulf Coast Tertiary trend was drilled in the fourth quarter of 2011, and technical lessons learned are being applied to subsequent horizontal projects. A second horizontal well was successfully completed in earlyMay 2012, and a third horizontal well was completed in the last week. Early results from both of these wells are encouraging and support the application of horizontal drilling in the trend. The Company plans to execute a total of…
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