Mid-Con Energy Partners, LP has agreed to acquire an approximate 71% operated working interest in oil properties, currently under waterflood, in Texas County, Oklahoma and additional working interests in existing Mid-Con Energy waterfloods located within its Hugoton Basin core area, for a combined price of $24.1 million, subject to the satisfaction of customary closing conditions and the waiver of preference rights and obtaining necessary consents from third parties. These acquisitions will be financed with borrowings from Mid-Con Energy's credit facility and are expected to close during the fourth quarter of 2012. Combined highlights of the two acquisitions include: current net production of approximately 258 Boe per day; estimated net proved reserves of approximately 1.8 MMBoe (64% proved developed producing); proved reserves approximately 99% oil on a Boe basis; and average reserve-to-production ratio of approximately 19 years.

The company announced that the board of directors of its general partner has declared a cash distribution of $0.485 per unit for the quarter ended September 30, 2012. This represents a $0.01 per unit increase compared with the preceding quarter, and results in an annualized distribution of $1.94 per unit. The distribution will be payable November 14, 2012 to all unit holders of record at the close of business on November 7, 2012.

The company also confirms that its previously released Boe production guidance for the third quarter of 2012 will come in within its previously released range, likely toward the lower-end.