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Stock Market & Financial Investment News

News Breaks
June 30, 2014
05:39 EDTMPO, PQMidstates Petroleum announces exploration agreement with PetroQuest
Midstates Petroleum (MPO) announced that it has executed an Exploration Agreement with PetroQuest Energy (PQ) under which PetroQuest acquired 50% of Midstatesí lease ownership rights in the Fleetwood area of Louisiana and a license to the associated Fleetwood 3-D seismic survey for total consideration of $24M. The consideration to be paid by PetroQuest consists of $10M in cash, $3M now and $7M in January 2015, and a credit of $14M for Midstatesí share of future exploration activities including drilling, completion and lease acquisition costs. PetroQuest will be the operator and current plans are to drill two exploration wells during the second half of 2014 with additional exploration drilling in 2015. Midstates acquired the Fleetwood 3-D seismic data in 2012 and, after reprocessing the data, has identified over 12 prospects and leads to date. Midstates estimates that the gross un-risked resource potential of the area, which includes approximately 30,000 acres under lease, exceeds 300M barrels of oil equivalent.
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July 17, 2014
08:09 EDTMPOMidstates Petroleum initiated with a Market Perform at FBR Capital
Target $7.50.

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