- Midstates Petroleum (MPO +2.7%) bounces off 52-week lows despite news that the buyer in the transaction for the sale of its DeQuincy area assets in Louisiana has terminated the agreement.
- The DeQuincy assets continue to produce ~1,400 boe (70% oil) and generated more than $20M in adjusted EBITDA between the April 1 effective date of the sale agreement and the previously expected Nov. 30 closing date, which MPO will now retain.
- Northland Capital cuts its MPO price target to $4.50 from $5.50, saying that while MPO will have increased production from retaining the assets, its debt will increase without the infusion of cash (Briefing.com).