HOUSTON--(BUSINESS WIRE)--Midstates Petroleum Company, Inc. (NYSE: MPO) (the “Company”) announced today the closing of the previously announced sale of ownership interest in developed and undeveloped acreage in the Pine Prairie field area in Evangeline Parish, Louisiana for $170 million to a private buyer. The net proceeds were approximately $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.
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 in oil and liquids-rich basins in the onshore U.S. Midstates’ drilling and completion efforts are currently focused in the Mississippian Lime oil play in Oklahoma and Anadarko Basin in Texas and Oklahoma. The Company’s operations also include 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.