Mid-Con Energy Partners LP (Nasdaq: MCEP) announced the closing of its public offering of 4 million common units representing limited partner interests in Mid-Con Energy at a price to the public of $21.20 per unit. 1 million common units were sold by Mid-Con Energy, and 3 million common units were sold by Yorktown Energy Partners VI LP, Yorktown Energy Partners VII LP and Yorktown Energy Partners VIII LP.
Additionally, the underwriters exercised in full their option to purchase an additional 600,000 common units from the Yorktown entities, the closing of which occurred simultaneously.
Mid-Con Energy intends to use net proceeds of approximately $20.4 million from its 1 million common unit offering, after deducting underwriting discounts but before offering expenses, to repay borrowings outstanding under its credit facility. Mid-Con Energy did not receive any proceeds from the 3.6 million common units sold by the Yorktown entities.
RBC Capital Markets, LLC, Raymond James & Associates, Inc., UBS Securities LLC and Wells Fargo Securities, LLC acted as joint book-running managers. Robert W. Baird & Co. Incorporated, Oppenheimer & Co. and Stephens Inc. acted as co-managers for the offering.
Recommended Reading
Chevron Hunts Upside for Oil Recovery, D&C Savings with Permian Pilots
2024-02-06 - New techniques and technologies being piloted by Chevron in the Permian Basin are improving drilling and completed cycle times. Executives at the California-based major hope to eventually improve overall resource recovery from its shale portfolio.
For Sale, Again: Oily Northern Midland’s HighPeak Energy
2024-03-08 - The E&P is looking to hitch a ride on heated, renewed Permian Basin M&A.
Second Light Oil Discovery in Mopane-1X Well
2024-01-26 - Galp Energia's Avo-2 target in the Mopane-1X well offshore Namibia delivers second significant column of light oil.
Beach Town Corpus Christi Grows into America’s Top Energy Port
2024-01-16 - The Port of Corpus Christi is the U.S.’ largest energy export gateway and in terms of total revenue tonnage as increased midstream investments have opened export markets for the prolific Permian Basin.