Midstates Petroleum Company, Inc., through its wholly-owned subsidiary, Midstates Petroleum Company LLC, engages in the business of drilling for, and production of, oil, natural gas liquids (NGL), and natural gas. The company has oil and gas operations and properties in Oklahoma, Texas, and Louisiana. Oil and Gas Properties and Operations Mississippian Lime The company’s Mississippian assets are located in Oklahoma and target the Mississippian Lime and Hunton formations. The Mississippian Lime is an expansive carbonate hydrocarbon system located in the Anadarko Basin, primarily in northern Oklahoma. The company intends to continue the development of these liquids rich properties using horizontal wells and multi-stage frac technology. The Hunton formation is a limestone formation that produces primarily natural gas from the company’s acreage in Lincoln County, Oklahoma. As of December 31, 2014, the company had approximately 99,100 gross (79,000 net) acres under lease in the area, including approximately 78,100 gross (66,300 net) leased acres in the Mississippian Lime and approximately 21,000 gross (12,700 net) acres in the Hunton. It also had six drilling rigs in operation and has four drilling rigs in operation. Anadarko Basin The company’s Anadarko Basin assets are located in Western Oklahoma and Texas, and target multiple objectives in the Pennsylvanian section. The company targets the Cleveland, Marmaton, Cottage Grove, and Tonkawa formations in the Anadarko Basin by utilizing horizontal wells and multi-stage frac technology. As of December 31, 2014, the company had approximately 161,500 gross (122,600 net) acres under lease in the Anadarko Basin, including approximately 44,100 gross (32,300 net) leased acres in Oklahoma and approximately 117,400 gross (90,300 net) acres in the Texas. Gulf Coast In the Gulf Coast, the company’s acreage positions and evaluation efforts are concentrated in Louisiana in the Wilcox interval of the Upper Gulf Coast Tertiary trend. As of December 31, 2014, the company had approximately 68,200 gross (50,600 net) acres under lease and/or lease option. The company’s Gulf Coast areas of operation are concentrated in the South Bearhead and North Coward's Gully fields. In 2014, the company entered into an exploration agreement with PetroQuest Energy LLC to sell 50% of its ownership interest in the Fleetwood prospect area in Louisiana. The company intends to participate with PetroQuest Energy LLC and other owners in the joint exploration and development of the Fleetwood area in Iberville, Point Coupee, and West Baton Rouge Parish, Louisiana. Reserves As of December 31, 2014, the company’s proved reserves were 153.7 million barrels of oil equivalent. Customers The company sells its oil, NGLs, and natural gas to third-party purchasers. For the year ended December 31, 2014, Plains Marketing, L.P.; Semgas; Phillips66; and Valero Marketing accounted for 28%, 18%, 15%, and 12% of the company’s revenues, respectively. Strategies The company’s strategies include the development of its multi-year drilling inventory; maintaining operatorship across a diverse asset base; utilizing its technical and operating expertise to improve returns; selectively increasing its acreage position; applying rigorous investment analysis to capital allocation decisions; and extensive technical knowledge in its areas of operations. Environmental and Occupational Health and Safety Regulation The company is subject to the requirements of the Resource Conservation and Recovery Act, as amended and comparable state statutes. The company is subject to the requirements of the federal Occupational Safety and Health Act, as amended and comparable state statutes whose purpose is to protect the health and safety of workers. History Midstates Petroleum Company, Inc. was founded in 1993.
midstates petroleum co inc
321 South Boston
Tulsa, OK 74103
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