SEC Filing Summary: Midstates Petroleum Company, Inc.
Business Context and Reporting Period
This Form 8-K Current Report was filed on June 5, 2018, covering events occurring on May 31, 2018, and June 1, 2018. The registrant is Midstates Petroleum Company, Inc., an oil and gas exploration and production company based in Tulsa, Oklahoma. Note: The input metadata references "Amplify Energy Corp.," but the filing text explicitly identifies the registrant as Midstates Petroleum Company, Inc.
Key Financial Metrics and Transactions
- Asset Sale: Closed the sale of Anadarko Basin producing properties (Texas panhandle and western Oklahoma) to Presidio Investment Holdings LLC.
- Sale Price: $58 million.
- Net Proceeds: Approximately $54 million, subject to standard post-closing adjustments.
- Use of Proceeds: Paydown of outstanding borrowings under the revolving credit facility and general corporate purposes.
- Financial Statements: This filing does not provide revenue, profit, cash flow, margins, or debt totals for the period; it reports only on the specific transaction proceeds.
Material Changes and Corporate Actions
- Portfolio Reduction: The divestiture of Anadarko Basin assets represents a material reduction in the company's asset base in that specific region.
- Annual Meeting Results: Held on June 1, 2018. All eight director nominees were elected. The executive compensation advisory proposal was approved. Grant Thornton LLP was ratified as the independent auditor.
- Shareholder Base: As of the April 30, 2018 record date, 25,256,303 shares of common stock were outstanding.
Guidance, Outlook, and Risks
The filing does not contain updated financial guidance, forward-looking outlook statements, or specific risk factors beyond the standard incorporation by reference of the Purchase and Sale Agreement (PSA). The primary focus is the execution of the previously disclosed asset sale and the administrative results of the annual shareholder meeting.
Key Facts for Investor Verification
- Verify the final post-closing adjustment amount to confirm the exact net proceeds received from the $58 million sale.
- Confirm the specific amount of debt retired from the revolving credit facility using the $54 million in proceeds.
- Review the full text of the PSA (Exhibit 10.2 to the May 10, 2018 Form 10-Q) for any retained liabilities or earn-out provisions associated with the Anadarko Divestiture.
- Monitor the impact of the asset sale on future production volumes and revenue streams in the Texas panhandle and western Oklahoma regions.