Here’s a quick summary at some notable 2012 deals in the Mississippi Lime play:

Atlas Buys Acreage From Equal Energy

Atlas Resource Partners LP (NYSE: ARP) purchased 8,550 acres in the Mississippi Lime in northern Oklahoma from Equal Energy Ltd. (NYSE: EQU) for $40 million in cash in September, 2012.

The assets located in Grant, Garfield and Alfalfa counties, Okla., produce about 1,400 barrels of oil equivalent (BOE) per day, most of which are natural gas and liquids. Almost all acreage is held by production.

The two companies were joint venture partners before Atlas purchased the remaining net acreage of its former partner. The sale, which closed in September, increases Atlas' position in the Mississippi Lime to about 19,800 net acres. The deal gives Atlas about 8 million cubic feet equivalent (MMcfe) per day of net production, which generated annualized cash flows of about $3 million.

Matthew A. Jones, president and chief operating officer of Atlas, said the acquisition doubles the company's inventory of Mississippi Lime locations in the core of the play and gives the company full operating control of the upcoming development and cash flows.

"In addition, the acquired production and expected operating cost savings will immediately increase cash flow to ARP," he said.

Atlas announced that it intends to activate a second rig in the Mississippi Lime by the end of 2012. It will also operate a saltwater disposal system.

Atlas, based in Philadelphia, will finance the purchase from its revolving credit facility. Atlas is an upstream master limited partnership with an interest in more than 8,600 producing natural gas and oil wells, representing about 700 billion cubic feet equivalent (Bcfe) of net proved reserves, primarily in the Barnett shale, The Appalachian basin and the Mississippi Lime.

Equal is an exploration and production oil and gas company based in Calgary, with its United States operations office located in Oklahoma City, Okla.

JP Energy Partners Purchases Parnon Storage

In August, JP Energy Partners purchased Parnon Storage LLC and Parnon Gathering LLC for an undisclosed sum.

The seller, price and closing date were not disclosed. Parnon Storage owns 3 million barrels of crude oil storage at the Cushing terminal, consisting of five storage tanks each capable of holding 600,000 barrels of crude oil. Subsequent to the acquisition of these storage tanks, JP Energy entered into a long-term lease agreement with Parnon Energy Inc.

The company's pipelines include the new eight-inch Great Salt Plains Pipeline originating in Cherokee, Okla., and terminating in Cushing, Okla., and approximately 100 miles of crude oil gathering pipelines running from North Texas to South Oklahoma. The Great Salt Plains Pipeline began service in September with an operating capacity of 35,000 barrels per day, and the pipeline will be expanded as crude oil volumes continue to increase in the region.

J. Patrick Barley, president and chief executive JP Energy, said "The acquisition of Parnon Storage and Parnon Gathering provide JP Energy a larger, more competitive midstream platform in the Midcontinent. We are excited to acquire the Great Salt Plains Pipeline, which will begin service in September and provide much needed take away capacity for the growing volumes in the Mississippi Lime."

Midstates Petroleum Gets 84,000 Acres From Eagle Energy Production

Midstates Petroleum Co (NYSE: MPO) purchased 84,000 net acres in the Mississippi Lime from Eagle Energy Production LLC for $650 million in cash and shares.

The purchase price includes $325 million in cash and 325,000 shares of Series A preferred stock in Houston-based Midstates with an initial value of $1,000 per share. The deal for the acreage in Oklahoma and Kansas closed Oct. 1, 2012.

The deal would add 37 million barrels of oil equivalent (MMboe) in proved reserves that are 35% oil and 23% natural gas liquids, of which 35% are proved developed producing. The reserve to production ratio for the region is 14.7 years. The acquisition includes 114 gross producing wells that are 85% operated with an average 67% working interest and 53% net revenue interest. Net current daily production from the properties is approximately 7,000 Boe per day.

The deal includes 103,000 net acres of which 84,000 are in the Mississippian Lime play with 78,000 in Oklahoma and 6,000 in Kansas; the remaining 19,000 are in the Hunton play in Oklahoma. Drilling and completion costs have averaged $3.7 million per horizontal well.

Gravis Purchases Petro River Oil

In June, Gravis Oil Corp. (OTC: GRAVF) purchased Petro River Oil LLC, a privately held Delaware company for an undisclosed amount in an all-stock transaction.

The new board of Gravis will consist of five members, four of whom will be nominated by Petro. Once the transaction has closed, the current common shareholders of Gravis will own about 2.5% of the outstanding shares of the combined company. The holders of Gravis preferred shares will own about 22.5% of the shares while Petro shareholders and note holders will own about 75% of the combined company.

Petro River Oil LLC is an emerging oil producer focusing on liquid-rich assets in the southeastern Kansas region of the Mississippi Lime. Petro River oil owns approximately 100,000 net acreage and legacy wells, with plans to begin production in July 2012.

Gravis is an independent oil and gas company, specializing in non-conventional oil and gas projects with a focus on heavy oil with current operational emphasis on the Deerfield area of western Missouri,

NGL Energy Partners Gets High Sierra

In June, NGL Energy Partners LP, Tulsa, Okla., (NYSE: NGL) bought Denver-based High Sierra Energy LP and its general partner, High Sierra Energy GP LLC, for $693 million in cash and units.

Total consideration includes working capital of approximately $38 million, $153 million in cash, $95 million in assumed debt and $445 million in equity.

High Sierra Energy has three core business segments: crude oil gathering, transportation and marketing; water treatment, disposal, recycling and transportation; and natural gas liquids transportation and marketing.

The crude oil segment handles approximately 50,000 barrels per day of crude and controls 32 pipeline injection facilities, three crude oil terminals (two of which provide barge service) and approximately 90 tractor-trailers.

The water services segment handles over 80,000 barrels of water per day through a 60,000 barrels-per-day recycling plant in the Pinedale anticline of Wyoming; seven disposal plants (two of which include treating and recycling facilities) in the Niobrara crude oil play in the D-J Basin; and a transportation and frac tank rental operation with 50 tractor trailers within the Mississippian Lime crude oil play in Oklahoma and Kansas.

The natural gas liquids transportation and marketing segment leases more than 2,000 rail cars, owns six transloaders and leases four rail sites to move approximately 45,000 barrels per day of natural gas liquids from coast to coast.

Atlas Buys Assets From Equal Energy Of Calgary

In April, Atlas Resource Partners LP (NYSE: ARP) bought a 50% interest in Oklahoma Mississippi Lime assets from Equal Energy Ltd., Calgary, (NYSE, Toronto: EQU) for US$18 million.

The joint venture will focus on Equal's approximately 14,500 net undeveloped acres in the core of the oil and liquids-rich Mississippi Lime play in northwestern Oklahoma. The acreage position is in Alfalfa, Garfield and Grant counties and is almost entirely held by Equal's existing production from the Hunton formation.

Atlas and Equal launched a 12-well drilling program in the third quarter. Atlas and Equal will drill continuously with one rig in the Mississippi Lime for the first 18 months following the transaction's closing. Atlas will conduct drilling and completion activities and Equal will operate the production once the wells are completed.

Atlas also has the option to drill an additional four net wells to its account in the 12 months following closing. After the initial 18 months, additional rigs may be added. Each party can contribute acreage to the venture through the establishment of an area of mutual interest closely surrounding Equal's existing acreage position.

Magnolia Petroleum Picks Up Acreage

In February 2012, Magnolia Petroleum Plc. (London AIM: MAGP) bought an additional 480 gross acres in the Mississippi Lime formation in Oklahoma from an undisclosed seller for an undisclosed price.

The deal includes an average 83.33% working interest (81.25% net revenue interest) in 480 gross (400 net) acres via a farm out.

Magnolia will assign 16.25% of its working interest to the farmor in the first well drilled in each unit, once all costs associated with drilling the first well have been recovered by the company.

This deal follows Magnolia's recent purchase of 100% interest in 800 acres in the Mississippi Lime and minority interests in leases over an additional 284 net acres from an undisclosed seller for $230,000.

Magnolia chief operating officer Rita Whittington says, "The acquisition builds on our previous announcement of the acquisition of 800 net acres in the Mississippi Lime formation, and underlines our commitment to acquiring assets in this exciting area."

That trade comes in addition to a separate deal the same month in which Magnolia Petroleum Plc acquired a 100% interest in 800 acres in the oil-producing Mississippi Lime formation in Oklahoma and minority interests in leases over a further 284 net acres from an undisclosed seller for $230,000.

The deal includes 100% working interests in 800 net Mississippi formation acres, including the right to drill, and ongoing leasing activity has acquired a further 284 net acres with an average working interest of 3.4% with further acreage expected to be acquired in due course.

Magnolia plans to drill at a minimum three vertical wells to test the Mississippi in the near future.

Caballo Energy Picks Up Eagle Chief Midstream

In January, Tulsa, Okla.-based Caballo Energy LLC, which is backed by private equity commitments from San Antonio-based EnCap Flatrock Midstream, bought Enid, Okla.-based Eagle Chief Midstream LLC for an undisclosed price.

Eagle Chief owns a gas-gathering and -processing system in northwestern Oklahoma strategically at the intersection of the liquids-rich Mississippi lime and Cana Woodford shale plays. Eagle Chief is connected to more than 370 wells and serves 25 producers. The Eagle Chief system includes more than 600 miles of natural gas gathering pipelines, compression and processing assets in Alfalfa, Blaine, Garfield, Major and Woods counties.

In early 2013, the company will install a new cryogenic plant, bringing total natural gas processing capacity to approximately 100 million cubic feet per day.

Caballo delivers processed gas to ONEOK Gas Transportation and Panhandle Eastern Pipe Line. Natural gas liquids are delivered to ONEOK NGL Pipeline. The Eagle Chief system also includes salt water disposal and crude oil gathering systems.

EnCap Flatrock managing partner Dennis Jaggi says, "The Mississippi Lime and Cana Woodford shale are two of the most exciting plays in the country. We're seeing a surge in drilling activity in northwestern Oklahoma in the Mississippi lime formation. This is a great acquisition in an underserved region with very strong demand for gathering, compression and processing services."