Midstates Petroleum Company, Inc has entered into an Asset Purchase Agreement with Eagle Energy Production, LLC ('Eagle'), a private exploration and production company sponsored by Riverstone Holdings, LLC ('Riverstone'), to acquire all of their producing properties as well as their developed and undeveloped acreage primarily in the Mississippian Lime oil play in Oklahoma and Kansas for $325 million in cash and 325,000 shares of Series A Preferred Stock ('Preferred Stock') of Midstates with an initial liquidation preference value of $1,000 per share. The transaction will be effective June 1, 2012 and closing is expected on or about October 1, 2012, subject to customary closing conditions.

John Crum, Midstates Chief Executive Officer and President commented, 'The transaction we are announcing today is both a strategic and transformative acquisition for Midstates. The technical team we have assembled at Midstates has the experience and technical knowledge to operate in a wide variety of basins in the U.S., and our new business group continually looks at new opportunities to utilize that expertise.' Crum continued, 'The properties we are acquiring in the Mississippian Lime play are particularly appealing because they are in a market-recognized, emerging horizontal oil play with good predictability and solid economics. I am particularly pleased that during the transition period, Steve Antry and his Eagle team have agreed to continue their fine work developing these assets. This transaction will quickly increase our scale and critical mass. We are all very excited to be adding this new core operating area to our portfolio.'

Tags: Inc, Midstates Petroleum Company