Tulsa-based Midstates Petroleum’s first quarter 2018 results showed $4 million in net income and adjusted income before interest, taxes, depreciation and amortization of $29.7 million
The company also said it grew its Mississippian Lime production to nearly 18,000 barrels of oil a day in May and achieved total company production of 19,235 boepd in the quarter.
It was in the first quarter when Midstates carried out a $58 million sale of its Anadarko Basin producing properties but said it will retain its undeveloped acreage in nearly 45 sections of NW STACK in Dewey County.
Midstates leadership also said it will remain open to a combination with SandRidge Energy of Oklahoma City in what it called “an at-market, all-stock transactions with meaningful potential cost-saving synergies from highly complementary assets.”
“We believe there is a strategic advantage to consolidations, like the one we remain open to with SandRidge,” said David Sambrooks, President and Chief Executive Officer. “With a strong and clean balance sheet, we will be actively pursuing opportunities that drive value to our shareholders and further strengthen Midstates financially and operationally.”
SandRidge rejected the offer earlier in the year.
Of the existing Midstates operations, the company has 10 workover rigs running in the Missippian Lime field, spud 4 wells and placed 6 wells online during the first quarter. It intends to continue a one-rig drilling program in the Mississippian in the second quarter.
During the quarter, the company also brought online one additional non-Arbuckle saltwater disposal injection well in Alfalfa county. Its total permitted injection well operations in Alfalfa and Woods counties have a capacity of 240,000 barrels of water a day.