Midstates Petroleum Closes Panther Acquisition, $700M Private Placement of Senior Notes

Midstates Petroleum Company, Inc.

(the “Company”) and its wholly-owned subsidiary Midstates Petroleum Company LLC (“Midstates Sub”) announced today the closing of their previously announced acquisition of producing properties and undeveloped acreage in the Anadarko Basin in Texas and Oklahoma from Panther Energy Company, LLC and its partners for approximately $620 million in cash (the “Panther Acquisition”) on May 31, 2013. The Company and Midstates Sub today also announced the closing of their previously announced private placement under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the “Securities Act”), of $700 million in aggregate principal amount of 9.25% senior unsecured notes (the “Notes”). The Notes mature on June 1, 2021 and were issued at 100% of face value. The net proceeds from the Notes offering were used to finance the purchase price of the Panther Acquisition, to repay a portion of the outstanding borrowings under the Company's revolving credit facility, for general corporate purposes and to pay expenses related to the Panther Acquisition, the Notes offering and the Company's entry into an amendment to its revolving credit facility.