TULSA, Dec. 10, 2019 (GLOBE NEWSWIRE) -- On December 6, 2019, Mid-Con Energy Partners, LP (MCEP) (“Mid-Con Energy” or the “Partnership”) and its lenders entered into Amendment No. 14 to that certain Credit Agreement, dated as of December 20, 2011, among Mid-Con Properties, LLC, as borrower, Wells Fargo Bank, National Association, as administrative agent and collateral agent, and the lenders party thereto (the “Credit Agreement Amendment”). Highlights of the Credit Agreement Amendment include:
- Extending the Maturity Date to May 1, 2021;
- Decreasing the Borrowing Base from $110 million to $95 million;
- Instituting a Borrowing Cap of $85 million and requiring the Partnership to have a Consolidated Funded Indebtedness to Consolidated EBITDAX of less than 3.0 to 1.0 to make any borrowings above the Borrowing Cap;
- Requiring the Partnership’s Leverage Ratio of Consolidated Funded Indebtedness to Consolidated EBITDAX not to exceed:
- 4.0 to 1.0 for the quarter ending December 31, 2019,
- 3.75 to 1.0 for the quarter ending March 31, 2020, and
- 3.5 to 1.0 for the quarter ending June 30, 2020 and thereafter.
The next regularly scheduled Borrowing Base redetermination will occur in the spring of 2020.
About Mid-Con Energy Partners, LP
Mid-Con Energy is a publicly held Delaware limited partnership formed in July 2011 to own, acquire, and develop producing oil and natural gas properties in North America, with a focus on Enhanced Oil Recovery. Mid-Con Energy’s core areas of operation are located in Oklahoma and Wyoming. For more information, please visit Mid-Con Energy's website at www.midconenergypartners.com.
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