PE-Backed Energy Co. Drops $650M On Midwest Shale Tracts

Law360, New York (August 13, 2012, 3:49 PM EDT) -- Private equity-backed Midstates Petroleum Co. will pay $650 million in cash and stock for about 100,000 acres of Oklahoma and Kansas oil and gas land, the latest sign of a bullish corporate credit market spurring energy dealmaking.

Midstates, a public company backed by private equity firm First Reserve Corp., will pay $325 million in cash and $325 million in preferred stock for the Mississippi Lime acreage of Eagle Energy Production LLC, which is owned by private equity firm Riverstone Holdings LLC.

The deal, financed by a...
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