Mid-Con Energy Reveals Over $87 Million In Deals Including Texas Exit

In a two-hitter, Mid-Con Energy agreed to sell substantially all of its Texas properties while also picking up producing Oklahoma properties.

Mid-Con Energy Reveals Over $87 Million In Deals Including Texas Exit

The sale of Mid-Con Energy’s Texas properties, which at $60 million was the larger of the two transactions, was to an affiliate of Scout Energy Partners and included properties within the Permian Basin’s Eastern Shelf, an SEC filing said. (Source: Hart Energy/Shutterstock.com)

Mid-Con Energy Partners LP (NASDAQ: MCEP) launched plans to exit Texas on Feb. 19 as it concentrates on building its Oklahoma waterflood inventory in a series of A&D transactions the Tulsa, Okla.-based company called “liquidity enhancing.”

Mid-Con Energy said it entered agreements to sell substantially all of its Texas properties and acquire producing Oklahoma properties in Caddo, Grady and Osage counties. The combined value of the transactions, which the company expects will significantly lower its total outstanding debt and leverage ratio, is about $87.5 million.

The sale of Mid-Con Energy’s Texas properties, which at $60 million was the larger of the two transactions, was to an affiliate of Scout Energy Partners and included properties within the Permian Basin’s Eastern Shelf across Coke, Coleman, Fisher, Haskell, Jones, Nolan, Runnels, Stonewall and Taylor counties, a filing with the U.S. Securities and Exchange Commission (SEC) said.

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.