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Mid-Con Energy Partners hires financial adviser for strategic review

Mid-Con Energy Partners LP hired investment bank Sagent Advisors LLC as its financial adviser in a planned review of financial and strategic options.

The strategic review does not have a definite schedule yet and the partnership does not guarantee that it would result in any transaction. The options include growth acquisitions, changes in corporate structure, mergers, and long-term financing alternatives, as well as a possible extension to its revolving credit facility, according to a Dec. 28 news release.

"We have seen a number of waterflood opportunities become available, and we are looking for financing options that will allow us to acquire and exploit new assets in a way that is accretive to our existing stakeholders," said Jeff Olmstead, president and CEO of Mid-Con Energy Partners.

Separately, Mid-Con Energy Partners divested certain oil and natural gas assets in its Southern Oklahoma core area to Oklahoma-based Exponent Energy III LLC for $22 million. The deal closed on Dec. 22, with the effective date on the same day.