Newspaper article THE JOURNAL RECORD

Mid-Con Reports Quarterly Loss

Newspaper article THE JOURNAL RECORD

Mid-Con Reports Quarterly Loss

Article excerpt

TULSA - Mid-Con Energy Partners on Monday reported a net loss for the third quarter of $2.4 million, or 9 cents per limited partner unit, compared with a net loss of $25.2 million, or 85 cents per unit, for the third quarter of 2015.

Revenue for the quarter totaled $14 million, down from $38.3 million a year earlier.

Production for the third quarter totaled 3,957 barrels of oil equivalent daily, down 18.6 percent from a year earlier.

"In the third quarter, we made significant progress in lowering costs, reducing debt, and increasing liquidity," said Jeff Olmstead, president and CEO.

Tulsa-based Mid-Con reduced debt by $34.1 million during the quarter, Olmstead said.

In August, Mid-Con closed a private offering of $25 million of preferred units to investors led by John Goff. …

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