HOUSTON, Sept. 30, 2014 (GLOBE NEWSWIRE) -- Midstates Petroleum Company, Inc. (NYSE:MPO) (the "Company") and its wholly-owned subsidiary Midstates Petroleum Company LLC announced today that, as a result of its lenders' semiannual review, the borrowing base under its revolving credit facility has been increased by $50 million to $525 million. The borrowing base is supported by the Company's Midcontinent assets only and on September 30, 2014 the Company had $369 million drawn under this facility.
Dr. Peter Hill, Interim Chief Executive Officer stated: "This increase reflects our success in growing our Midcontinent assets' production and proved reserves and, together with the continued expansion of our internally generated cash flow, gives us confidence that we will be able to execute our current capital plans into 2016. We intend to continue our focus on capital discipline and margin expansion in order to maximize the productivity of our assets and will manage our level of capital expenditures within our available liquidity."
About Midstates Petroleum Company, Inc.
Midstates Petroleum Company, Inc. is an independent exploration and production company focused on the application of modern drilling and completion techniques in oil and liquids-rich basins in the onshore U.S. Midstates' drilling and completion efforts are currently focused in the Mississippian Lime oil play in Oklahoma and Anadarko Basin in Texas and Oklahoma. The Company's operations also include the upper Gulf Coast tertiary trend in central Louisiana. The Company is headquartered in Houston, Texas. Additional information about the Company is available at www.midstatespetroleum.com.
Source:Midstates Petroleum Company