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News Breaks
March 3, 2014
08:50 EDTMCEPMid-Con Energy acquires oil properties from Mid-Con Energy III for $41M
Mid-Con Energy Partners through its wholly owned subsidiary, Mid-Con Energy Properties, announced it acquired certain oil properties in Oklahoma and Texas from Mid-Con Energy III for an aggregate purchase price of approximately $41M. The transaction closed on Friday, February 28 and is subject to customary post-closing adjustments based on an effective date of January 1. Terms of the transaction were approved on February 28, by the board of the general partner of MCEP and by the board's conflicts committee, which is composed entirely of independent directors.
News For MCEP From The Last 14 Days
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October 14, 2014
10:52 EDTMCEPMid-Con Energy upgraded to Buy from Neutral at Ladenburg
Ladenburg upgraded Mid-Con Energy with a $26 price target citing growth potential from the company's acquisition of properties in the Permian.
October 13, 2014
17:13 EDTMCEPMid-Con Energy acquires mature oil properties in Permian Basin for $120M
Mid-Con Energy Partners, through its wholly owned subsidiary, Mid-Con Energy Properties, announces that it has entered into a definitive agreement to acquire net proved oil reserves estimated at 6.1M barrels of oil equivalent for an aggregate purchase price of approximately $120M. In connection with the acquisition, the Partnership has secured committed bank financing to support the purchase price. The acquisition is subject to customary post-closing adjustments and is expected to close in November, with an effective date of September 1. The Eastern Shelf acquisition includes a number of properties covering approximately 18,000 net acres in Coke, Coleman, Fisher, Haskell, Jones, Kent, Nolan, Runnels, Stonewall, Taylor, and Tom Green Counties, Texas. The Eastern Shelf is comprised of mature producing assets that are in the early stages of redevelopment that offer primary production with waterflood potential. Mid-Con Energy will operate the Eastern Shelf properties and will hold an approximate 96% average working interest across the acquired properties. The acquisition is projected to be immediately accretive to Distributable Cash Flow per unit.

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