SEC Filing Summary: Midstates Petroleum Company, Inc.
Business Context and Reporting Period
This Form 8-K Current Report was filed by Midstates Petroleum Company, Inc. on April 4, 2016, covering events occurring on March 30, 2016. The filing addresses a change in the Company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. However, it notes that the prior auditor's reports for fiscal years 2014 and 2015 included an explanatory paragraph regarding substantial doubt about the Company's ability to continue as a going concern.
Material Changes
- Dismissal of Auditor: On March 30, 2016, the Company dismissed Deloitte & Touche LLP as its independent registered public accounting firm.
- Appointment of New Auditor: On the same date, the Audit Committee selected Grant Thornton LLP as the new independent registered public accounting firm, effective immediately.
- Audit History: There were no disagreements with Deloitte & Touche regarding accounting principles, practices, or auditing scope during the 2014 and 2015 fiscal years or through the dismissal date.
Outlook, Risks, and Management Commentary
The filing confirms that the dismissal of Deloitte & Touche was recommended and approved by the Audit Committee. No "reportable events" occurred during the relevant periods. The Company has requested a letter from Deloitte & Touche to the SEC regarding the change, which is attached as Exhibit 16.1. The filing does not contain forward-looking guidance or specific management commentary on future operations beyond the accounting firm transition.
Investor Verification Checklist
- Review the attached letter from Deloitte & Touche (Exhibit 16.1) to confirm their stance on the dismissal.
- Verify the status of the "substantial doubt about going concern" noted in the 2014 and 2015 audit reports.
- Monitor future filings for the first audit opinion issued by Grant Thornton LLP.
- Check for any subsequent filings regarding liquidity or capital raising efforts given the prior going concern warning.