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Stock Market & Financial Investment News

News Breaks
August 4, 2014
17:50 EDTMCEPMid-Con Energy acquires mature waterflood unit for $19.4M
Mid-Con Energy Partners, through its wholly owned subsidiary, Mid-Con Energy Properties, LLC, announced that it has entered into a definitive agreement to acquire net proved developed producing oil reserves estimated at 658K barrels of oil for an aggregate purchase price of approximately $19.4M. The acquisition, subject to customary post-closing adjustments, will be funded with available cash and borrowings under the Partnership's revolving credit facility and is expected to close on August 29, with an effective date of July 1. The acquired position, the Liberty South Waterflood Unit, is a mature waterflood producing from a piercement salt dome underlying acreage in Liberty County, Texas. Liberty South is expected to provide Mid-Con Energy with high margin cash flow emanating from stable, low-decline oil production sold into the Louisiana Light Sweet market. The asset is a unitized secondary oil recovery project that has been under waterflood since 2011 with underlying declines projected at less than 8% per annum over the next 3 years. Mid-Con Energy will operate Liberty South and will hold an approximate 90% working interest.
News For MCEP From The Last 14 Days
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December 17, 2014
16:36 EDTMCEPMid-Con Energy downgraded to Sector Perform from Outperform at RBC Capital
RBC Capital downgraded Mid-Con Energy to Sector Perform with a $9 price target.
December 16, 2014
07:23 EDTMCEPMid-Con Energy downgraded to Neutral from Outperform at RW Baird
Baird slashed upstream MLP estimates across the board given the collapse in crude oil prices. The firm believes upstream MLPs will be forced to cut distributions based on when debt covenants are tripped if oil prices do not rally. Baird expects the new oil paradigm to last for the foreseeable future and downgraded Mid-Con Energy to Neutral and lowered its price target to $5 from $18.
December 15, 2014
11:04 EDTMCEPEnergy MLPs downgraded at Oppenheimer
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10:59 EDTMCEPMid-Con Energy downgraded to Perform from Outperform at Oppenheimer
December 12, 2014
15:24 EDTMCEPMid-Con Energy director Robert Berry buys 10K shares
Mid-Con Energy director Robert Berry acquired 10,000 units in multiple transactions at prices ranging from about $6.68 to $6.70 on Dec. 11, according to a regulatory filing.
December 8, 2014
11:44 EDTMCEPBreitBurn Energy, Legacy Reserves, Mid-Con Energy downgraded at Wells Fargo
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11:36 EDTMCEPMid-Con Energy downgraded to Market Perform from Outperform at Wells Fargo
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