Midstates Petroleum Announces Increase in Borrowing Base under Its Credit Agreement

Before you go, we thought you'd like these...
Before you go close icon

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


The article Midstates Petroleum Announces Increase in Borrowing Base under Its Credit Agreement originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners