Mid-Con Energy Partners, LP Announces Reverse Unit Split
20 Mars 2020 - 9:15PM
Mid-Con Energy Partners, LP (NASDAQ: MCEP) (“Mid-Con” or the
“Partnership”) announces that the Board of Directors of its General
Partner has postponed the previously announced reverse split of the
Partnership’s common units and approved a new exchange ratio of
one-for-twenty common units. The reverse unit split, which
was originally to have taken effect after market close on March 23,
2020, will now take effect after market close on April 9, 2020.
Pursuant to the reverse unit split, common
unitholders will receive one common unit for every twenty common
units owned at the close of business on April 9, 2020. All
fractional units created by the reverse unit split will be rounded
to the nearest whole unit, as provided by Mid-Con’s partnership
agreement. If the fraction created is less than one-half, it
will be rounded down to the nearest whole unit. If the
fraction is one-half or more, it will be rounded up to the nearest
whole unit. The Partnership anticipates that the reverse
split will decrease the number of common units outstanding from
approximately 31 million units to 1.55 million units. The
reverse split is intended to increase the market price per unit of
the Partnership’s common units to allow the Partnership to maintain
its listing on The NASDAQ Capital Market.
The Partnership's transfer agent, Equiniti Trust Company, will
adjust its records to reflect each unitholder's post-split
position. A new CUSIP number for the common units is expected
to be issued and announced in connection with the reverse split,
and the Partnership’s common units are expected to continue to
trade under the symbol “MCEP” on The NASDAQ Capital Market.
About Mid-Con Energy Partners,
LPMid-Con Energy is a publicly held Delaware limited
partnership formed in July 2011 to own, acquire, and develop
producing oil and natural gas properties in North America, with a
focus on Enhanced Oil Recovery. Mid-Con Energy’s core areas of
operation are located in Oklahoma and Wyoming. For more
information, please visit Mid-Con Energy's website at
www.midconenergypartners.com.
Forward-Looking StatementsThis
press release may include “forward-looking statements” — that is,
statements related to future, not past, events within meaning of
the federal securities laws. Forward-looking statements are based
on current expectations and include any statement that does not
directly relate to a current or historical fact. In this context,
forward-looking statements often address expected future business
and financial performance, and often contain words such as
“anticipate,” “believe,” “estimate,” “intend,” “expect,” “plan,”
“project,” “should,” “goal,” “forecast,” “guidance,” “could,”
“may,” “continue,” “might,” “potential,” “scheduled,” “pursue,”
“target,” “will” and the negative of such terms or other comparable
terminology. These forward-looking statements involve certain risks
and uncertainties and ultimately may not prove to be accurate.
Actual results and future events could differ materially from those
anticipated in such statements. For further discussion of risks and
uncertainties, you should refer to Mid-Con Energy's filings with
the Securities and Exchange Commission (“SEC”) available at
www.midconenergypartners.com or www.sec.gov. Mid-Con Energy
undertakes no obligation and does not intend to update these
forward-looking statements to reflect events or circumstances
occurring after this press release. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. All forward-looking
statements are qualified in their entirety by this cautionary
statement and our SEC filings. Please see the risks and
uncertainties detailed in the “Forward-Looking Statements” and
“Risk Factors” sections of our Annual Report on Form 10-K for the
year ended December 31, 2019, and in other documents and reports we
file from time to time with the SEC.
Investor Relations
ContactIR@midcon-energy.com(918) 743-7575
Mid Con Energy Partners (NASDAQ:MCEP)
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