Mid-Con Energy Partners entered into an agreement to acquire oil and natural gas properties in the Powder River Basin from an undisclosed seller for an aggregate purchase price of approximately $9.6 million, subject to customary post-closing adjustments. The acquisition closed on January 31, 2018, and was funded through the issuance of Class B Convertible Preferred units.
“We are excited to announce several strategic transactions we believe mark an inflection point for the partnership’s future growth”, said Jeff Olmstead, president and CEO. “We particularly want to thank our banks and our largest investor, John Goff, for their continued support.”
On January 31, 2018, the partnership and its lenders amended its credit facility, increasing the borrowing base of the senior secured revolving facility to $125 million and extending the maturity to November 2020. Mid-Con Energy’s next regularly scheduled bi-annual redetermination is expected to occur in or around April 2018.
Wells Fargo served as administrative agent for the transaction. Fifth Third Bank, Cadence Bank, CIT Bank and West Texas National Bank joined the lender syndicate. BOKF d/b/a The Bank of Texas, Comerica Bank, The Bank of Nova Scotia and MUFG Union Bank exited the group.