HOUSTON, Oct. 15, 2014 (GLOBE NEWSWIRE) -- Midstates Petroleum Company, Inc. ("Midstates" or the "Company") (NYSE:MPO) announced today that its third quarter 2014 earnings release will be issued on November 4, after the close of trading on the NYSE. The Company will host a conference call to discuss third quarter results the following morning, November 5, at 10:00 a.m. Eastern time (9:00 a.m. Central time).
Participants may join the conference call by dialing (877) 645-4610 (for U.S. and Canada) or (707) 595-2723 (International). The conference call access code is 21484206 for all participants. To listen via live web cast, please visit the Investors section of the Company's website, www.midstatespetroleum.com.
An audio replay of the conference call will be available approximately two hours after the conclusion of the call. The audio replay will remain available until November 20 and can be accessed by dialing (855) 859-2056 (for U.S. and Canada) or (404) 537-3406 (International). The conference call audio replay access code is 73504735 for all participants. The audio replay will also be available in the Investors section of the Company's website approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.
Midstates continues to execute on its opportunistic hedging strategy, with the Company's oil positions hedged at approximately 1.1 million barrels per quarter or 12,000 barrels of oil per day through the end of the second quarter 2015 at an average price of approximately $90/bbl. The Company also has approximately 550,000 barrels or 6,000 barrels of oil per day hedged in the third and fourth quarters of 2015 at an average price of approximately $85.50/bbl. These hedges help protect our growing EBITDA into 2015 with added security on the oil revenue that accounts for approximately 70% of our total revenue.
A complete update of the Company's hedging position, by quarter through the end of 2015, can be found in the Investors section of the Company's website under "Financial Information" at www.midstatespetroleum.com.
Following the recent announcements of an increase to the borrowing base under its reserve-based revolving credit facility and the expected closing of the sale of the Company's Dequincy assets in November, the Company forecasts liquidity at year end 2014 of between $180 to $200 million. With its current hedges in place and its premier position in the Mississippian Lime providing strong rates of return, Midstates continues to believe that it has ample liquidity through 2015 and into 2016.
Certain statements in this news release regarding future expectations and plans for future activities may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as financial market conditions, changes in commodities prices and costs of drilling and completion, operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
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