Midstates Petroleum Announces Increase in Borrowing Base under Its Credit Agreement
HOUSTON--(BUSINESS WIRE)-- Midstates Petroleum Company, Inc. (NYS: MPO) ("Midstates" or the "Company") today announced an increase in the borrowing base under its reserve-based credit facility effective September 26, 2013 to $500 million, up $75 million from the prior borrowing base of $425 million. The increase was effected through an amendment to the Company's existing credit agreement as part of the regular semi-annual borrowing base redetermination. The next regular redetermination of the borrowing base is scheduled for April 1, 2014.
John A. Crum, Chairman, President and Chief Executive Officer stated: "We are pleased with the confidence shown by our banking syndicate to increase our borrowing base, which reflects the strong increase in production the Company has been experiencing."
About Midstates Petroleum Company, Inc.
Midstates Petroleum Company, Inc. is an independent exploration and production company focused on the application of modern drilling and completion techniques to oil-prone resources in previously discovered yet underdeveloped hydrocarbon trends. The Company's operations are currently focused on oilfields in the Mississippian Lime trend in northwestern Oklahoma, in the Anadarko Basin in Texas and Oklahoma, and in the Upper Gulf Coast Tertiary trend in central Louisiana. The Company is headquartered in Houston, Texas. Additional information about the Company is available at www.midstatespetroleum.com.
Midstates Petroleum Company, Inc.
Al Petrie, 713-595-9427
KEYWORDS: United States North America Texas
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