Average daily production rose 91% to 15,592 net barrels of oil equivalent (“Boe”) per day from 8,182 net Boe per day in the third quarter of 2012; production from Mid-Continent operations (which includes Midstates’ Oklahoma and Kansas properties) averaged 7,207 Boe per day while production from Gulf Coast operations (which includes Midstates’ Louisiana properties) averaged 8,385 Boe per day.
Adjusted EBITDA totaled $48.6 million, up 49% from $32.7 million in the third quarter of 2012. See “Non-GAAP Financial Measures” in the tables below for a definition of Adjusted EBITDA and a reconciliation to net income (loss) and net cash provided by operating activities.
Adjusted Net Income (which excludes unrealized gains/losses on derivatives and transaction costs associated with the Eagle property acquisition and the related income tax effect) was $5.5 million compared with $1.7 million in the third quarter of 2012. See “Non-GAAP Financial Measures” in the tables below for a definition of Adjusted Net Income and a reconciliation to net income (loss).
Since assuming control of the Eagle properties on October 1, 2012, Midstates has brought 19 wells into production. On average, the wells have approximately 4,000 foot laterals and 10 frac stages. Seventeen of these wells have been on production for approximately thirty days and have average 30-day IP rates of 638 Boe per day with approximately 65% liquids.
This looks good to me, better than SD wells and 65% liquids. The SD wells were in the mid 300s if I remember correctly. Seems the EURs should be much higher than what SD is projecting.
Nice day. What are the price parameters in regards to the 8% preferred converting to common stock?
Most 2013 Capex will be covered via the revenue stream? Plus the credit line? They said in the conference call that they intend to hedge more production going forward?