Mid-Con Energy closes Eastern Shelf acquisition, increases borrowing base

Mid-Con Energy Partners LP

Mid-Con Energy Partners LP (Nasdaq: MCEP) has closed its acquisition in the Eastern Shelf of the Permian Basin for $120 million.

With this acquisition, Mid-Con Energy acquires a 96% working interest and will assume operatorship upon closing. The Eastern Shelf comprises approximately 230 producing wells.

Concurrent with closing of the acquisition, MCEP also reports an increase in its borrowing base to $240 million, up 26% from the $190 million in previously established commitments. This increase became effective on Nov. 17, with Royal Bank of Canada acting as the administrative agent. Participant lenders include Bank of Nova Scotia, BOKF NA, Comerica Bank, Wells Fargo Bank NA, Frost Bank, and Union Bank. Mid-Con Energy's next regularly scheduled bi-annual redetermination will occur on or about April 30, 2015.

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