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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.
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