Mid-Con Energy announces borrowing base increase to $135M
Mid-Con Energy Partners announced that its lender group has increased the Partnership's borrowing base to $135M as part of the regularly scheduled semi-annual redetermination. There were no other changes to the terms or conditions of the credit agreement. The next semi-annual borrowing base redetermination is scheduled to occur during the second quarter of 2019. Mid-Con Energy had $94 million in total borrowings outstanding under its revolving credit facility as of December 19. "As a result of the success in development and acquisitions during 2018, we are pleased to announce this $10M increase to our borrowing base," commented Jeff Olmstead, President and CEO. "We expect to continue to operate with internally generated cash flow, however this borrowing base increase provides us additional liquidity to take advantage of opportunities as they arise in the market. We want to thank our bank group for their continued support of Mid-Con."