MCEP acquires oil properties from Mid-Con Energy III

Mid-Con Energy Partners LP

Mid-Con Energy Partners LP (Nasdaq: MCEP), through its wholly owned subsidiary Mid-Con Energy Properties LLC, has acquired certain oil properties in Oklahoma and Texas from Mid-Con Energy III LLC for an aggregate purchase price of approximately $41 million.

The transaction closed on Feb. 28. MCEP funded the acquisition with $7 million in borrowings under MCEP's credit facility and $34 million in proceeds from the issuance of 1,500,000 common units representing limited partner interests in MCEP. The value of the common units issued as partial consideration for the acquisition was based on a 2.5% discount to the trailing 20-day volume weighted average price of MCEP's common units.

The acquisition includes five oil properties, currently being produced under waterflood, located in Cimarron, Love and Texas counties in Oklahoma, and in Potter County, Texas.

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