2 Feb 2018director interest notice● Neutral
Wilkie Schell Colyer Jr. became a Mid-Con Energy Partners, LP director and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Feb 2018director interest notice● Neutral
Mid-Con Energy Partners, LP 10%+ owner John C Goff bought 6,666,667 shares on the open market at $1.53.
31 Jan 2018capital raising announcement● NeutralMajor
On Jan 31, 2018 Mid-Con closed the $15 million Class B preferred placement, issuing 9,803,921 units at $1.53 each (lower-priced earlier $1.36 terms did not carry over). Affiliate Mid-Con Energy III bought $800,000 of them. Proceeds funded the purchase of oil and gas properties in Campbell and Converse Counties, Wyoming (the PRB Acquisition), with any excess going to general purposes including repaying the revolver. Amendment No. 12 raised the borrowing base to $125 million and extended maturity to November 2020. The Class B units rank above common units for distributions and in liquidation, equal with Class A in liquidation, and if a preferred distribution goes unpaid, common distributions are blocked. Resale registration is due within 90 days and effective within 180 days.
29 Jan 2018capital raising announcement● NeutralMajor
On Jan 23, 2018 Mid-Con signed a new agreement to sell up to $15.0 million of Class B Convertible Preferred Units, replacing the Nov 14, 2017 agreement, which the filing says expired on its terms (it states the date as Dec 31, 2018, which appears to be a typo for 2017 - an inference). Terms are the same as before: 8.00% cumulative distribution (10.00% in kind if debt blocks cash), one-for-one conversion after six months, and holder redemption right after Aug 11, 2021. Closing was expected by Jan 31, 2018. The filing does not state the price per unit.
29 Dec 2017asset acquisition disposition● NeutralMajor
On Dec 22, 2017 Mid-Con closed the sale of oil and gas properties in Carter and Love Counties, Oklahoma, to Exponent Energy III LLC for an adjusted price of about $22 million (agreed Nov 8, 2017, with the effective date moved from Oct 1 to Dec 22, 2017). The pro forma statements show the $22 million paid directly to the bank, cutting the revolver from $122 million to $100 million as of Sept 30, 2017. In the same filing, Amendment No. 11 to the credit agreement lowered the conforming borrowing base to $115 million and waived the previously disclosed leverage ratio noncompliance through Jan 31, 2018. This follows the Hugoton sale in 2016 as another asset sale used to repay debt.
17 Nov 2017substantial holder notice● Neutral
John C. Goff, Goff REN Holdings, LLC, Goff MCEP Holdings, LLC, The Goff Family Foundation, Goff Capital, Inc, GFS REN GP, LLC, GFS Management, LLC, Goff Focused Strategies, LLC, Longboat Capital, LLC, James M. Howard reported a Mid-Con Energy Partners, LP shareholding of 4,790,697 shares (13.70% of votes) in a periodic institutional filing.
15 Nov 2017capital raising announcement● NeutralMajor
Mid-Con signed an agreement on Nov 14, 2017 to sell up to $15.0 million of new 8.00% Class B Convertible Preferred Units in a private placement, led by John Goff, its largest unitholder, at $1.36 per unit, with closing expected by Nov 30, 2017. Like the Class A preferred from August 2016, these pay 8.00% in cash (or 10.00% in kind if its secured debt blocks cash) and can convert one-for-one into common units after six months. Holders can demand cash redemption from Aug 11, 2021. Proceeds are intended for general purposes, including future acquisitions and paying down the revolver. Common unit sales under the at-the-market program stay suspended through Aug 11, 2021, and new debt beyond the existing credit facility needs preferred holder consent.
14 Nov 2017quarterly activities report▼ Bad
Mid-Con Energy Partners, LP reported quarterly revenue of $11.2 million and a net loss of $7.9 million for the period ended 2017-09-30.
14 Nov 2017quarterly activities report▼ Bad
Mid-Con Energy Partners, LP reported quarterly revenue of $11.2 million and a net loss of $7.9 million for the period ended 2017-09-30.
3 Aug 2017director interest notice● Neutral
Mid-Con Energy Partners, LP VP General Counsel & Secretary Charles L Mclawhorn III acquired 10,000 shares and disposed of 3,980 in a set of related equity transactions.
3 Aug 2017director interest notice● Neutral
Mid-Con Energy Partners, LP Executive Chairman of Board Charles R. Olmstead acquired 16,667 shares at $1.25 under a company stock plan.
3 Aug 2017director interest notice● Neutral
Mid-Con Energy Partners, LP Chief Financial Officer Matthew R Lewis acquired 6,667 shares at $1.25 under a company stock plan.
3 Aug 2017director interest notice● Neutral
Mid-Con Energy Partners, LP Chief Executive Officer Jeffrey R. Olmstead acquired 16,667 shares at $1.25 under a company stock plan.
3 Aug 2017director interest notice● Neutral
Mid-Con Energy Partners, LP Chief Accounting Officer Sherry Morgan acquired 6,667 shares and disposed of 3,180 in a set of related equity transactions.
2 Aug 2017quarterly activities report▼ Bad
Mid-Con Energy Partners, LP reported quarterly revenue of $11.2 million and a net loss of $7.9 million for the period ended 2017-09-30.
2 Aug 2017quarterly activities report▼ Bad
Mid-Con Energy Partners, LP reported quarterly revenue of $11.2 million and a net loss of $7.9 million for the period ended 2017-09-30.
9 June 2017securities registration● Neutral
Mid-Con Energy Partners, LP amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
5 May 2017director interest notice● Neutral
Wat Brown John became a Mid-Con Energy Partners, LP director and company insider (initial ownership filing).
1 May 2017quarterly activities report▼ Bad
Mid-Con Energy Partners, LP reported quarterly revenue of $16.5 million and a net loss of $15.2 million for the period ended 2017-06-30.
1 May 2017quarterly activities report▼ Bad
Mid-Con Energy Partners, LP reported quarterly revenue of $16.5 million and a net loss of $15.2 million for the period ended 2017-06-30.
8 Mar 2017director interest notice● Neutral
Wilkie Schell Colyer Jr. became a Mid-Con Energy Partners, LP director and company insider (initial ownership filing).
8 Mar 2017director interest notice● Neutral
Mid-Con Energy Partners, LP director Wilkie Schell Colyer Jr. acquired 4,000 shares at $2.77 under a company stock plan.
2 Mar 2017director interest notice● Neutral
Mid-Con Energy Partners, LP Chief Financial Officer Matthew R Lewis acquired 1,000 shares at $2.97 under a company stock plan.
2 Mar 2017director interest notice● Neutral
Mid-Con Energy Partners, LP director Peter A Leidel acquired 4,000 shares at $2.77 under a company stock plan.
2 Mar 2017director interest notice● Neutral
Mid-Con Energy Partners, LP director Peter Adamson III acquired 4,000 shares at $2.77 under a company stock plan.
2 Mar 2017director interest notice● Neutral
Mid-Con Energy Partners, LP director C Fred Ball Jr. acquired 4,000 shares at $2.77 under a company stock plan.
2 Mar 2017director interest notice● Neutral
Mid-Con Energy Partners, LP director Cameron O. Smith acquired 4,000 shares at $2.77 under a company stock plan.
28 Feb 2017quarterly activities report● Neutral
Mid-Con Energy Partners, LP reported quarterly revenue of $18.5 million and net income of $4.4 million for the period ended 2017-03-31.
15 Feb 2017securities registration● Neutral
Mid-Con Energy Partners, LP amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
2 Feb 2017director interest notice● Neutral
Mid-Con Energy Partners, LP Chief Accounting Officer Sherry Morgan acquired 1,000 shares and disposed of 396 in a set of related equity transactions.