Company Website:
http://www.midstatespetroleum.com
TULSA, Okla. -- (Business Wire)
Midstates Petroleum Company, Inc. (“Midstates” or the “Company”) (NYSE:
MPO) announced today the final results of its tender offer to purchase
for cash up to 5,000,000 shares of its common stock (the “shares”) at a
price of $10.00 per share, which expired at 5:00 p.m., New York City
time, on Tuesday, February 12, 2019.
Midstates has accepted for purchase 5,000,000 shares of its common stock
at a purchase price of $10.00 per share, for an aggregate purchase price
of approximately $50 million, excluding fees and expenses relating to
the offer.
Based on the final tabulation by American Stock Transfer & Trust
Company, LLC, the depositary for the tender offer, 18,718,599 shares of
the common stock were properly tendered and neither withdrawn nor
tendered conditionally by stockholders with conditions that were not
met. Midstates has been informed by the depositary that the final
proration factor for the tender offer is approximately 26.7%. The shares
acquired represented approximately 19.7% of the Company’s outstanding
shares as of January 14, 2019.
The depositary will promptly issue payment for the shares validly
tendered and accepted for purchase and will return all other shares
tendered.
Midstates may, in the future, decide to purchase additional shares in
the open market subject to market conditions and private transactions,
tender offers or otherwise subject to applicable law. Any such purchases
may be on the same terms as, or on terms that are more or less favorable
to stockholders than, the terms of the offer. Whether Midstates makes
additional repurchases in the future will depend on many factors,
including but not limited to its business and financial performance, the
business and market conditions at the time, including the price of the
shares, and other factors Midstates considers relevant.
D. F. King & Co., Inc. acted as the information agent for the tender
offer. BofA Merrill Lynch acted as the dealer manager for the tender
offer.
Important Information About the Tender Offer
This press release is for informational purposes only and is not an
offer to buy or the solicitation of an offer to sell any shares of the
Company’s common stock. The offer was made solely pursuant to the Offer
to Purchase and the related Letter of Transmittal, as they may be
amended or supplemented. Stockholders and investors are urged to read
the Company’s tender offer statement on Schedule TO, which includes as
exhibits the Offer to Purchase, the related Letter of Transmittal and
other offer materials, as well as any amendments or supplements to the
Schedule TO when they become available, because they contain important
information. Each of these documents has been filed with the SEC, and
investors may obtain them for free from the SEC at its website (www.sec.gov)
or from D.F. King & Co., the information agent for the tender offer, by
telephone at: (800) 591-6313 (toll-free), by email at: mpo@dfking.com
or in writing to: D.F. King & Co., Inc., 48 Wall Street, 22nd Floor, New
York, New York 10005; or from BofA Merrill Lynch, the dealer manager for
the tender offer, by telephone at: (888) 803-9655.
Forward-Looking Statements and Additional
Disclosure
This press release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical facts, included in this
press release that address activities, events or developments that
Midstates expects, believes or anticipates will or may occur in the
future are forward-looking statements. Terminology such as “will,”
“would,” “should,” “could,” “expect,” “anticipate,” “plan,” “project,”
“intend,” “estimate,” “believe,” “target,” “continue,” “potential,” the
negative of such terms or other comparable terminology are intended to
identify forward-looking statements. Midstates believes that these
statements are based on reasonable assumptions, but such assumptions may
prove to be inaccurate. Such statements are also subject to a number of
risks and uncertainties, most of which are difficult to predict and many
of which are beyond the control of Midstates, which may cause Midstates’
actual results to differ materially from those implied or expressed by
the forward-looking statements. These include risks relating to, among
other things, the Company’s ability to consummate the tender offer.
Please read the Company’s filings with the SEC, including “Risk Factors”
in its Annual Report on Form 10-K, and if applicable, its Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K, and other public
filings and press releases for a discussion of risks and uncertainties
that could cause actual results to differ from those in such
forward-looking statements. All forward-looking statements speak only as
of the date of this press release. All forward-looking statements in
this press release are qualified in their entirety by these cautionary
statements. Midstates undertakes no obligation and does not intend to
update or revise any forward-looking statements, whether as a result of
new information, future results or otherwise.
About Midstates Petroleum Company, Inc.
Midstates Petroleum Company, Inc. is an independent exploration and
production company focused on the application of modern drilling and
completion techniques in oil and liquids-rich basins in the onshore U.S.
The Company’s operations are currently focused on oilfields in the
Mississippian Lime play in Oklahoma.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190215005518/en/
Contacts:
Midstates Petroleum Company, Inc.
Jason McGlynn, Investor
Relations, (918) 947-4614
Jason.McGlynn@midstatespetroleum.com
Source: Midstates Petroleum Company, Inc.
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