Mid-Con Energy Partners, LP (“Mid-Con” or the “Partnership”) has entered into a strategic recapitalization transaction with its preferred equity holders, providing for the conversion of all Series A and B Preferred Units into common units at an average conversion price of $3.12/unit. In connection with the recapitalization, ownership of the Partnership’s general partner, Mid-Con GP, LLC (the “General Partner”), has been transferred to the Partnership, resulting in strengthened corporate governance, and a new Board of Directors has been elected by written consent of the holders of a majority of the common unitholders. The Partnership also announced the spring determination of the borrowing base under its senior bank debt (the “Credit Facility”). The new borrowing base is set at $64 million and is a reduction from the previous borrowing base of $95 million. The reduction in the borrowing base is a result of the unprecedented downturn in the oil markets. In addition, the Partnership announced the 15th Amendment to the Credit Facility (the “Amendment”), effective as of June 1, 2020. The Amendment aims to achieve $10 million in debt reduction through the next regularly scheduled redetermination of the borrowing base on or around November 2020. In addition, the Partnership will cease capital expenditures for the remainder of 2020 and look to divest non-core assets to accelerate debt repayment.