Midstates Petroleum Co. Inc. (NYSE: MPO) completed its divestiture of 3,757 net acres along the Louisiana Gulf Coast for $170 million, the company said in a May 1 press release.
Houston-based Midstates sold all ownership interest in the Pine Prairie Field in Evangeline Parish, La., to a private buyer. The properties include developed and undeveloped acreage that produced an estimated 2,000 barrels of oil equivalent per day (boe/d) during January. In total, 3,907 gross acres were sold.
Midstates kept its Fleetwood 3-D seismic survey acreage and the Dequincy asset in Beauregard Parish, La., which produced about 2,400 boe/d during January.
The net proceeds were some $150 million, which was net of customary closing adjustments. The majority of the proceeds will be used to reduce borrowings under the company’s revolving credit facility and the balance will be used toward working capital. Midstates also terminated the arrangements for a $125 million temporary bridge facility.
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