Mid-Con Energy amends revolver, ups borrowing base to $140 million

By Tali Rackner

Norfolk, Va., Aug. 16 – Mid-Con Energy Partners, LP entered into the 10th amendment to its credit agreement dated Dec. 20, 2011, with Wells Fargo Bank, NA as administrative agent and collateral agent, according to an 8-K filing with the Securities and Exchange Commission.

The Aug. 11 amendment increased the conforming borrowing base of the partnership’s senior secured revolving credit facility to $140 million, modified the definition of indebtedness to exclude its newly issued preferred units and modified the limitations on restricted payments to specifically provide for the payment of cash distributions on the preferred units.

The amendment is in connection with Mid-Con’s private placement of $25 million 8% class A convertible preferred units and its $19.5 million acquisition of certain oil and natural gas properties located in Nolan County, Texas.

Pro forma for net proceeds from the acquisition and the private placement, debt outstanding under the credit facility will be about $133 million.

The partnership’s next regularly scheduled biannual redetermination is scheduled for Nov. 1.

Mid-Con is a Tulsa, Okla.-based oil and gas producer.

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