Midstates Closes On Texas and Oklahoma Properties Sale

June 7, 2018

 

Tulsa’s Midstates Petroleum Company, Inc. says its closed on the previously-announced sale of Texas and Oklahoma properties.

The Anadarko Basin producing properties located in the Texas panhandle and western Oklahoma have gone to an undisclosed buyer for $58 million.

Midstates will retain its Northwest Stack undeveloped acreage in Dewey County, Okla.

The divested property has produced around 3,900 barrels of net oil equivalent per day as of fourth-quarter 2017, the company said, and had a proved developed PV-10 value of roughly $53 million at year-end 2017.

Midstates says the proceeds will be used to pay down a portion of the outstanding borrowings under the Company’s revolving credit facility and for general corporate purposes.