Mid-Con Energy Partners LP (NASDAQ: MCEP) through subsidiary Mid-Con Energy Properties LLC has closed its acquisition of oil and natural gas properties in Nolan County, Texas, for about $19.5 million.
The acquisition is subject to customary post-closing adjustments based on an effective date of June 1, 2016.
Acquisition highlights include:
· About 96% average working interest;
· More than 40 wells, including 27 producing wells, 11 injection and 3 inactive;
· Net proved reserves of about 1.5 million barrels of oil equivalent (MMboe);
· Average net daily production of 368 boe/d (about 96% oil), based on trailing three-month average ended June 30;
· Historical lease operating expenses of about $12/boe based on trailing three-month period ended June 30; and
· Production taxes of about 4.6%.
In conjunction with the acquisition Mid-Con Energy closed its previously announced private offering of $25 million aggregate principal amount of Class A Convertible Preferred Units to investors.
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