Mid-Con Energy Partners, LP Announces Borrowing Base Redetermination
10 Diciembre 2019 - 5:30PM
On December 6, 2019, Mid-Con Energy Partners, LP (NASDAQ: MCEP)
(“Mid-Con Energy” or the “Partnership”) and its lenders entered
into Amendment No. 14 to that certain Credit Agreement, dated as of
December 20, 2011, among Mid-Con Properties, LLC, as borrower,
Wells Fargo Bank, National Association, as administrative agent and
collateral agent, and the lenders party thereto (the “Credit
Agreement Amendment”). Highlights of the Credit Agreement Amendment
include:
- Extending the Maturity Date to May
1, 2021;
- Decreasing the Borrowing Base from
$110 million to $95 million;
- Instituting a Borrowing Cap of $85
million and requiring the Partnership to have a Consolidated Funded
Indebtedness to Consolidated EBITDAX of less than 3.0 to 1.0 to
make any borrowings above the Borrowing Cap;
- Requiring the Partnership’s Leverage Ratio of Consolidated
Funded Indebtedness to Consolidated EBITDAX not to exceed:
- 4.0 to 1.0 for the quarter ending
December 31, 2019,
- 3.75 to 1.0 for the quarter ending
March 31, 2020, and
- 3.5 to 1.0 for the quarter ending
June 30, 2020 and thereafter.
The next regularly scheduled Borrowing Base
redetermination will occur in the spring of 2020.
About Mid-Con Energy Partners,
LP
Mid-Con Energy is a publicly held Delaware
limited partnership formed in July 2011 to own, acquire, and
develop producing oil and natural gas properties in North America,
with a focus on Enhanced Oil Recovery. Mid-Con Energy’s core areas
of operation are located in Oklahoma and Wyoming. For more
information, please visit Mid-Con Energy's website at
www.midconenergypartners.com.
Forward-Looking Statements
This press release may include “forward-looking
statements” — that is, statements related to future, not past,
events within meaning of the federal securities laws.
Forward-looking statements are based on current expectations and
include any statement that does not directly relate to a current or
historical fact. In this context, forward-looking statements often
address expected future business and financial performance, and
often contain words such as “anticipate,” “believe,” “estimate,”
“intend,” “expect,” “plan,” “project,” “should,” “goal,”
“forecast,” “guidance,” “could,” “may,” “continue,” “might,”
“potential,” “scheduled,” “pursue,” “target,” “will” and the
negative of such terms or other comparable terminology. These
forward-looking statements involve certain risks and uncertainties
and ultimately may not prove to be accurate. Actual results and
future events could differ materially from those anticipated in
such statements. For further discussion of risks and uncertainties,
you should refer to Mid-Con Energy's filings with the Securities
and Exchange Commission (“SEC”) available at
www.midconenergypartners.com or www.sec.gov. Mid-Con Energy
undertakes no obligation and does not intend to update these
forward-looking statements to reflect events or circumstances
occurring after this press release. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. All forward-looking
statements are qualified in their entirety by this cautionary
statement and our SEC filings. Please see the risks and
uncertainties detailed in the “Forward-Looking Statements” and
“Risk Factors” sections of our Annual Report on Form 10-K for the
year ended December 31, 2018, and in other documents and reports we
file from time to time with the SEC.
Investor Relations
ContactIR@midcon-energy.com(918) 743-7575
Mid Con Energy Partners (NASDAQ:MCEP)
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