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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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August 20, 2015
10:00 EDTMCEPOn The Fly: Analyst Upgrade Summary
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05:36 EDTMCEPLegacy Reserves downgraded to Neutral from Buy at UBS
UBS downgraded Legacy Reserve (LGCY) to Neutral after after stress testing upstream MLPs to reflect scenarios in which oil remains depressed and recovery is limited. The firm expects MLPs that are better capitalized, well hedged and less levered to crude oil to outperform. It lowered its price target for shares to $5.50 from $14. UBS coupled the downgrade with an upgrade of Mid-Con Energy (MCEP) to Buy. Other Buy-rated upstream MLPs at the firm are Vanguard Natural (VNR), Memorial Production (MEMP) and Eagle Rock Energy (EROC). Sell-rated names are LINN Energy (LINE) and LinnCo (LNCO).
05:33 EDTMCEPMid-Con Energy upgraded to Buy from Neutral at UBS
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