Global Leader in International Oil and Gas Industry News

posted in:

Midstates Petroleum reports third quarter 2012 financial and operating results

Thursday, Nov 08, 2012

Midstates Petroleum Company, Inc. (NYSE: MPO) ("Midstates" or the "Company") announced today its financial and operating results for the three months ended September 30, 2012. Midstates’ third quarter results featured increased production led by a 13% uplift in oil and a highly successful first horizontal Wilcox completion at North Cowards Gully, which has averaged over 1,400 gross barrels of oil equivalent ("Boe") per day since first production on September 15, 2012. The Company indicated that third quarter results do not reflect any impact from the Eagle Energy Acquisition which closed October 1, 2012.

Key points for the three months ended September 30, 2012 include:

Adjusted EBITDA totaled $32.7 million. See "Non-GAAP Financial Measures" in the tables below for a definition of Adjusted EBITDA and a reconciliation to net income (loss) and net cash provided by operating activities.

Adjusted Net Income (which excludes unrealized gains/losses on derivatives and the related income tax effect) totaled $0.1 million. See "Non-GAAP Financial Measures" in the tables below for a definition of Adjusted Net Income and reconciliation to net income (loss).

Average daily production rose to 8,182 net Boe per day from 7,904 net Boe per day in the second quarter of 2012; oil production and natural gas liquids ("NGL") volumes rose 13% and 18%, respectively, compared with the second quarter of 2012, while natural gas volumes were lower by 28%.

Cash Operating Expenses (which includes lease operating and workover expenses, severance and ad valorem taxes, and the cash portion of general and administrative expenses) were $26.67 per Boe, before costs associated with the Eagle Energy Acquisition. See "Non-GAAP Financial Measures" in the tables below for a definition of Cash Operating Expenses and reconciliation to Operating Expenses.

20 gross wells and two horizontal sidetracks were spud during the third quarter of 2012, of which nine were producing, eight were awaiting completion, four were drilling at quarter end and one was a mechanical dry hole. Since September 30, 2012, Midstates has spud 13 additional wells, including those spud on its newly acquired Mississippian Lime properties.

Completed the Musser-Davis 8H-1 horizontal well located in the North Cowards Gully Field in Beauregard Parish, Louisiana. The well continues to show strong production results and has averaged 1,263 gross Boe per day for the seven day period ending November 5, 2012. Four horizontal projects are currently underway, with two at West Gordon, one at South Bearhead Creek and one at North Cowards Gully.

Source: Business Wire

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Oil & Gas News

Aquaterra Energy wins Premier Oil Catcher Drill Centre Template contract 23-04-2014
Claxton’s camera upgrade puts crane safety in the picture 23-04-2014
Elk acquires the Singleton Unit in Nebraska 23-04-2014
Longreach prepares to drill into target Liassic formation with Kamar-1 well in Morocco 23-04-2014
Chevron unveils PitPack motor oil dispensing system 23-04-2014
Farstad Shipping ASA - charter agreements 23-04-2014
Prysmian, € 30 m contract in Abu Dhabi 23-04-2014
Halliburton to build drilling, testing and training facility in Texas 23-04-2014
SEACON (europe) Ltd Receives A Queen’s Award for Enterprise in International Trade 23-04-2014
EnerJex Resources announces Niobrara operations update and development plans 23-04-2014