TULSA, Okla.–(BUSINESS WIRE)–Midstates Petroleum Company, Inc. (NYSE: MPO) (“Midstates” or the “Company”) announced today a 1-for-10 reverse stock split of the Company’s common stock. The 1-for-10 reverse stock split will be effective as of the close of business on August 3, 2015 and the Company’s stock will begin trading on a split-adjusted basis on August 4, 2015. Midstates’ stock will continue to trade on the New York Stock Exchange under the trading symbol “MPO” but will trade under a new CUSIP number.
When the reverse stock split becomes effective, every ten shares of issued and outstanding common stock will be automatically combined into one issued and outstanding share of common stock. The reverse stock split will reduce the number of shares of the Company’s common stock currently outstanding from approximately 72 million to approximately 7.2 million. In addition, the number of authorized shares of the Company’s common stock will decrease from approximately 300 million to 100 million.
The Company will not issue any fractional shares in connection with the reverse stock split; stockholders who would otherwise hold a fractional share of the Company’s common stock will receive a cash payment in lieu of such fractional share.
American Stock Transfer and Trust Company, LLC, the Company’s transfer agent, will act as its exchange agent for the reverse stock split. American Stock Transfer and Trust Company, LLC can be reached at (800) 937-5449 or (718) 921-8200.
Additional information about the reverse stock split can be found in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on April 29, 2015, a copy of which is also available at www.sec.gov or www.midstatespetroleum.com under the SEC Filings tab located on the Investors page.
About Midstates Petroleum Company, Inc.
Midstates Petroleum Company, Inc. is an independent exploration and production company focused on the application of modern drilling and completion techniques in oil and liquids-rich basins in the onshore U.S. The Company’s operations are currently focused on oilfields in the Mississippian Lime play in Oklahoma and the Anadarko Basin in Texas and Oklahoma.