Midstates Petroleum closes sale of Dequincy assets in Louisiana

Midstates Petroleum Co. Inc. (NYSE: MPO) has closed its sale of ownership interest in developed and undeveloped acreage in the Dequincy area located in Beauregard and Calcasieu parishes in Louisiana for $44 million to Pintail Oil and Gas LLC.

Net proceeds were approximately $42 million. The proceeds from the sale will be used to pay down a portion of the outstanding borrowings under the company’s revolving credit facility and for general corporate purposes.

Midstates Petroleum’s operations are currently focused on oil fields in the Mississippian Lime play in Oklahoma and the Anadarko Basin in Texas and Oklahoma.

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