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Mid-Con Energy (MCEP) Reports Q1 EPS of 8c, Announces CEO Succession Plan

May 5, 2014 5:37 PM EDT
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Mid-Con Energy (NASDAQ: MCEP) reported Q1 EPS of $0.08, may not compare to the analyst estimate of $0.32. Revenue for the quarter came in at $21.8 million versus the consensus estimate of $21.49 million.

Executive Succession Plan

Mid-Con Energy Partners, LP announced today that effective August 1, 2014, Charles R. ("Randy") Olmstead is transitioning from his position as Chief Executive Officer to Executive Chairman of the Board of the general partner. Also effective August 1, 2014 the following changes in the board and management team will occur: S. Craig George, Executive Chairman of the Board, will serve as a Director of the general partner; Jeffrey R. Olmstead, President and Chief Financial Officer, will serve as Chief Executive Officer; Michael L. Wiggins, Executive Vice President and Chief Engineer, will serve as President and Chief Engineer; and Michael D. Peterson will serve as Chief Financial Officer. Mr. Peterson previously worked as Managing Director and Head of Energy Research at MLV & Co.

Randy Olmstead said, "I am immensely proud of the Mid-Con Energy team and the growth we have delivered over the decade since our original investment with Yorktown Partners in 2004. I have complete confidence in the new leadership structure, and I am pleased to continue to serve as part of the Mid-Con team in my new role as Executive Chairman of the Board. I am confident our organization will continue to grow, succeed and secure attractive returns for our investors."

For earnings history and earnings-related data on Mid-Con Energy (MCEP) click here.



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