Midstates Petroluem lines up IPO

IPO: Midstates prepares to go public

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By Staff & news wires

 15 November 2011 00:20 GMT

Houston-based Midstates Petroleum filed with US regulators on Monday to raise up to $400 million in an initial public offering of its common stock.

The independent exploration and production company told the US Securities and Exchange Commission in a preliminary prospectus that Goldman Sachs, Morgan Stanley and Wells Fargo Securities were underwriting the IPO, Reuters reported.

Midstates said it plans to use parts of the proceeds from the offering to repay all its outstanding debts, maturing December 2014, and partly for the exploration and development programme.

The company has operated in the Upper Gulf Coast Tertiary trend since 1993. Its reserves, production and drilling locations are primarily oil with associated liquids rich natural gas, it…

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