Stock Alert: Mid-Con Energy Surges After Turning To Profit

(RTTNews) - Shares of Mid-Con Energy Partners LP (MCEP) are surging more than 136 percent or $3.77 in Tuesday's morning trade at $6.53. The stock has traded in a range of $1.20 to $17.00 in the past 52 weeks.

Monday, Mid-Con Energy announced select financial and operational results for the first quarter of 2020. Net income for the quarter was $2.78 million, compared to net loss of $3.79 million a year ago. Negative cash flows from operating activities stood at $0.8 million, lesser than $1.13 million in the year-ago quarter.

The company said that Contango Resources, Inc., a subsidiary of Contango Oil & Gas Company, will be the new operator of the Partnership's properties, replacing Mid-Con Energy Operating, LLC. The transition is expected to be effective July 1, 2020 and the move is expected to generate pro-forma annual cash savings of about $6.5 million compared to 2019.