MPO Earnings

Press release:
Key points include:

• Adjusted EBITDA totaled $56.5 million, up 16% from $48.6 million in the fourth quarter of 2012.
• Adjusted Net Income totaled $1.4 million.
• Average production for the quarter was on track to achieve the top end of guidance of 17,300 barrels of oil equivalent (“Boe”) per day until snowstorms in Oklahoma shut in production, costing the quarter about 1,100 Boe per day. Average daily production for first quarter 2013 rose to 16,208 net Boe per day from 15,592 net Boe per day in the fourth quarter of 2012.
• Cash Operating Expenses were $20.29 per Boe, flat with $20.26 per Boe in the fourth quarter of 2012.
• The Wood 10H-1 well in North Cowards Gully reached a total measured depth of 15,366 feet, with a 3,000 foot lateral targeting the Upper Wilcox “B” Sand. The well has been completed with 10 stages of fracture stimulation and produced a seven-day average flow rate of 1,250 Boe per day (64% oil).
• In early April, Midstates entered into a Purchase and Sale Agreement with Panther Energy, LLC, (“Panther”) to acquire producing properties as well as developed and undeveloped acreage in the Anadarko Basin in Texas and Oklahoma for $620 million in cash. The transaction will be effective April 1, 2013 with closing expected on May 31, 2013, subject to customary closing conditions.
• Midstates now plans to fund the acquisition fully with $700 million of debt and has canceled its plans for an equity offering. 

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