Midstates Petroleum Provides Year-End 2012 Proved Reserves Results

Midstates Petroleum Company, Inc.

(the “Company” or “Midstates”) today announced that it grew its year-end 2012 estimated proved reserves to 75.5 million barrels of oil equivalent (“MMBoe”), up 188% from 26.2 MMboe at year-end 2011. Midstates' reserves were fully engineered by its third-party reserve engineers, Netherland Sewell and Associates (“NSAI”). See notes below for additional disclosures regarding definitions of terms used in this release. Year-end 2012 reserves were comprised of 50% oil, 19% natural gas liquids (“NGLs”) and 31% natural gas. Of the total reserves, 37% are proved developed. Geographically, 36.8 MMBoe are in Louisiana, a 40% increase over 2011 year-end reserves, and 38.7 MMBoe are in Oklahoma. Midstates operates 94% of its reserves and improved its reserve life at year-end 2012 to 13.3 years using year-end 2012 proved reserves divided by annualized fourth quarter 2012 production rates.                 Oil NGLs Gas Total Total Proved Reserves (MMBbl) (MMBbl) (Bcf) (MMBoe) Balance December 31, 2011 15.7 4.0 38.7 26.2 Extensions and discoveries 12.3 3.2 32.6 20.9 Purchase of reserves in place 13.0 7.8 85.3 35.0 Revisions of previous (1.4 ) (0.2 ) (8.5 ) (3.0 ) estimates Production (2.1 )     (0.6 )     (5.7 )     (3.6 ) Balance December 31, 2012 37.5       14.2       142.4       75.5     Proved developed December 31, 13.2       5.4       54.8       27.8   2012 Proved undeveloped December 24.3       8.8       87.6       47.7   31, 2012   During 2012, extensions, discoveries, and other additions added 20.9 MMBoe reflecting organic reserve replacement of 572% of 2012 production. The organic growth in Louisiana reserves was primarily from successful drilling activity during 2012 in the Pine Prairie and North Cowards Gully fields while fourth quarter drilling activity in the Mississippian Lime play in Woods and Alfalfa Counties added to Oklahoma reserves. Total Company production in 2012 was 3.6 MMBoe. Acquisitions in 2012 added 35.0 MMBoe, all of which related to the purchase of reserves from Eagle Energy Production, LLC (“Eagle”) that was effective October 1, 2012. At year-end 2012, the Oklahoma reserves totaled 38.7 MMBoe, comprised of 38% crude oil, 22% NGLs, and 40% natural gas. All in, including acquisitions, drill bit additions, and revisions, Midstates replaced 1,446% of total 2012 production. Revisions to previous reserve estimates totaled 3.0 MMBoe. While West Gordon accounted for 1.6 MMBoe of those revisions, net reserves at West Gordon remained largely unchanged due to reserve additions from drilling activities in the north fault block.