«

»

Net Income Growth Reported by Midstates Petroleum

Midstates Petroleum in Tulsa reported a net income of $3.7 million in its third quarter results a month after the naming of a new company President.

David Sambrooks was named President and CEO in October and this week, Midstates reported net income of $0.14 per share. It also reported at net debt of nearly $51.6 million as of Sept. 30, 2017.

Oil, NGLs and natural gas sales revenues in the third quarter were $51.8 million.

Production for the company totaled 21,358 BOEPD compared with 22,490 BOEPD during the second quarter. Most of it, 82% came from the company’s Mississippian Lime properties. Based on those properties, the company reaffirmed its borrowing base at $170 million.

During the third quarter, the company closed its sale of its properties in Lincoln County for $7 million with net proceeds of $2.9 million. The firm also had capital expenditures in the quarter of $40.1 million and most of it was spent in the Mississippian Lime properties.

In the past several months, Midstates brought online three additional non-Arbuckle saltwater disposal injection wells in Woods and Alfalfa Counties. The firm currently operates 10 non-Arbuckle injection wells in the two counties.