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Midstates Petroleum closes Anadarko Basin asset divestiture

Midstates Petroleum Co. Inc. closed its $58 million divestiture of Anadarko Basin producing properties for total net proceeds of about $54 million, which the company will use to reduce revolver debt and for general corporate purposes.

The deal further focuses Midstates' oil and gas exploration and production operations to the Mississippian Lime play in Oklahoma, the company said in a June 5 statement. The assets are in the Texas panhandle and western Oklahoma.

SunTrust Robinson Humphrey Inc. served as Midstates' adviser for the deal.