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Mid-Con Energy Partners, LP Suspends Quarterly Cash Distribution and Schedules Third Quarter 2015 Earnings Release and Conference Call

DALLAS, Oct. 22, 2015 (GLOBE NEWSWIRE) -- Mid-Con Energy Partners, LP (NASDAQ:MCEP) (“Mid-Con Energy” or the “Partnership”) announces that the Board of Directors of its General Partner has elected to suspend the Partnership’s current $0.125 per unit quarterly cash distribution.

“In light of the current weak and increasingly uncertain outlook for oil prices, the Board of Directors has elected to suspend Mid-Con Energy’s quarterly cash distributions to unitholders,” commented Randy Olmstead, Executive Chairman of the Board. “I am disappointed that current market conditions merit such a difficult decision; however, the Board of Directors and senior management team unanimously agree that reallocating excess cash flow towards capital expenditure projects and debt reduction is prudent and maximizes long-term value for unitholders. We anticipate this suspension will be temporary and intend to reinstate quarterly distributions when our outlook for oil prices is more constructive.”


Mid-Con Energy’s preliminary results indicate production for the quarter ended September 30, 2015, exceeded 4,800 Boe/d, the highest average daily net production in the Partnership’s history. These results reflect sequential and year-over-year increases greater than 4% and 55%, respectively. Mid-Con Energy will release results for the third quarter ended September 30, 2015, after the market close on Monday, November 2, 2015. Management will host a conference call on Tuesday, November 3, 2015, at 9:00 a.m. ET. Interested parties are invited to participate via telephone by dialing 1-877-847-5946 (Conference...