Mid-Con Energy Partners LP (NASDAQ: MCEP) said on Dec. 28 it has sold its oil and natural gas assets within its Southern Oklahoma core area to Exponent Energy III LLC , a Tulsa-based company.
The sale closed on Dec. 22 at a purchase price of $22 million with an effective date of December 22, 2017.
Separately, Mid-Con Energy has hired Sagent Advisor LLC to assist it in exploring various financing and strategic alternatives in the marketplace. Sagent will be reviewing a number of alternatives for the partnership including, financing alternatives for growth acquisitions, corporate structure alternatives, merger opportunities and long-term financing alternatives.
The partnership has not set a definitive schedule for Sagent to complete its review of financing and strategic alternatives.
In addition, due to the closing of the sale of assets, the previously disclosed waiver received by the partnership from the administrative agent and lenders under its revolving credit facility waiving noncompliance with the leverage calculation ratio thereunder has been extended, and the borrowing base has been temporarily amended to $115 million. The partnership had $99 million outstanding on the line of credit as of December 28, 2017.
As part of the review of its financing alternatives, the partnership is in active discussions with its lenders on an extension to its revolving credit facility.
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