Profile: Mid-Con Energy Partners LP (MCEP.O)

MCEP.O on Nasdaq

4.80USD
2 Jul 2015
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$-0.13 (-2.64%)
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Mid-Con Energy Partners, LP, incorporated on July 27, 2011, engages in the acquisition, exploitation and development of producing oil and natural gas properties in North America, with a focus on Enhanced Oil Recovery (EOR). The Company's properties are located in the Mid-Continent region of the United States in five core areas: Southern Oklahoma, Northeastern Oklahoma, parts of Oklahoma and Colorado within the Hugoton, West Texas within the Eastern Shelf of the Permian and upper Texas Gulf Coast.

The Company operates approximately 99% of its properties, as calculated on a Boe basis as of December 31, 2014, through its affiliate, Mid-Con Energy Operating, LLC (Mid-Con Energy Operating). All of its non-operated wells are managed by third-party operators who are independent oil and natural gas companies. The Company designs and manages the development, recompletion or work-over for all of the wells it operates and supervises operation and maintenance activities. Mid-Con Energy Operating provides the Company with management, administrative and operational services under a services agreement.

Southern Oklahoma

The Company's Southern Oklahoma properties are located in Love and Carter Counties, Oklahoma. The Southern Oklahoma properties are part of six water flood units operated by Mid-Con Energy Operating, four of which were unitized by Mid-Con Energy Operating. For the year ending December 31, 2014, the properties in these fields produced on average 2,007 Barrel of Oil Equivalent (Boe) per day gross, 1,057 Boe per day net and contained 3,873 Million Barrels of Oil Equivalent (MBoe) of estimated net proved reserves. During 2014, the Company drilled eight gross producing wells and converted seven producing wells to injections wells.

Northeastern Oklahoma

The Company's Northeastern Oklahoma properties are located in four counties in Oklahoma: Cleveland, Creek, Osage and Pawnee Counties. The majority of its properties are being produced under water flood and are operated by Mid-Con Energy Operating. During December 2014, the properties in these fields produced on average 1,610 Boe per day gross, 1,344 Boe per day net and contained 8,604 MBoe of estimated net proved reserves. During 2014, the Company drilled 30 gross producing wells, two gross injection wells and converted eight producing wells to injection wells.

Hugoton

The Company's Hugoton properties are located in three fields in Cimarron County and Texas County, Oklahoma, Potter County, Texas and Cheyenne County, Colorado. The Hugoton properties are part of eight water flood units operated by Mid-Con Energy Operating, one of which Mid-Con Energy Operating unitized. During December 2014, the properties in these units produced on average 967 Boe per day gross, 778 Boe per day net and contained 3,888 MBoe of estimated net proved reserves. During 2014, the Company drilled eight gross producing wells, two gross injection wells and converted ten producing wells to injection wells.

Permian

The Company's Permian properties are located in Coke, Coleman, Fisher, Haskell, Jones, Kent, Nolan, Runnels, Stonewall, Taylor, and Tom Green Counties, Texas. The Permian properties have two water flood units operated by Mid-Con Energy Operating. During December 2014, the properties in these fields produced on average 1,814 Boe per day gross, 1,312 Boe per day net and contained 6,160 MBoe of estimated net proved reserves. The Company has an average working interest of 73.8% in 185 gross producing wells and 52 injection wells.

Gulf Coast

The Company's Gulf Coast property is located in Liberty County, Texas. During December 2014, this water flood produced on average 69 Boe per day gross, 46 Boe per day net and contained 620 MBoe of estimated net proved reserves. The Company has an average working interest of 89.6% in six gross producing wells and two injection wells.

Other Properties

The balance of the Company's properties, located throughout the state of Oklahoma consists of a mix of operated and non-operated properties, a majority of which are under water flood. As of December 31, 2014, the Company's other properties contained approximately 85 MBoe of estimated net proved reserves and generated average net production of approximately 20 Boe per day for the month ended December 31, 2014.

Company Address

Mid-Con Energy Partners LP

SUITE 850, 2431 E. 61ST STREET
TULSA   OK   74136
P: +1918.7437575
F: +1302.6555049

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