Each one in plain English, with the numbers worked through for a shareholder.
24 Oct 2012substantial holder notice● Neutral
YORKTOWN ENERGY PARTNERS VI, L.P, YORKTOWN VI COMPANY LP, YORKTOWN VI ASSOCIATES LLC reported a Mid-Con Energy Partners, LP shareholding of 1,855,165 shares (9.80% of votes) in a periodic institutional filing.
YORKTOWN ENERGY PARTNERS VII, L.P, YORKTOWN VII COMPANY LP, YORKTOWN VII ASSOCIATES LLC reported a Mid-Con Energy Partners, LP shareholding of 927,583 shares (4.90% of votes) in a periodic institutional filing.
YORKTOWN ENERGY PARTNERS VIII, L.P, YORKTOWN VIII COMPANY LP, YORKTOWN VIII ASSOCIATES LLC reported a Mid-Con Energy Partners, LP shareholding of 2,308,720 shares (12.20% of votes) in a periodic institutional filing.
The follow-on offering announced the day before was priced at $21.20 per unit: the partnership sells 1,000,000 new units and the Yorktown funds sell 3,000,000 (plus a 600,000-unit over-allotment option on Yorktown's side). The partnership expects about $20.2 million of net proceeds to repay credit facility borrowings and gets nothing from Yorktown's sale; closing is expected October 22, 2012. This resolves the open question on the offering's pricing.
On October 15, 2012 Mid-Con agreed to buy oil properties in its Hugoton Basin core area from Samson Resources for about $21 million (including a $2.1 million deposit), expected to close by November 6, 2012. It raised the quarterly distribution by $0.01 to $0.485 per unit ($1.94 annualized), and launched an offering of 1,000,000 new units by the partnership to repay credit facility borrowings, alongside 3,000,000 units sold by Yorktown, which would cut Yorktown's stake from about 48.5% to about 30.1%. It also said third-quarter production would land within guidance, likely toward the lower end. The press release describes two acquisitions totalling about $24.1 million.
On April 23, 2012 the credit facility was amended to raise the borrowing base from $75 million to $100 million, and Wells Fargo joined as an additional lender. The partnership also declared a first-quarter 2012 distribution of $0.475 per unit ($1.90 annualized), payable May 14, 2012 to holders of record May 7. The press release states about $55 million of availability against $45 million of debt outstanding at December 31, 2011.