Midstates Petroleum’s $90 million Louisiana asset sale fell apart Tuesday after the unnamed buyer terminated the deal for undisclosed reasons.
The deal included 12,816 gross acres in the Dequincy area located in Beauregard and Calcasieu Parishes, Louisiana.
During the third quarter the assets produced 1,500 barrels of oil equivalent per day.
The company’s wholly owned 20 mile long El Grande pipeline was also included in the purchase.
Midstates will retain the $20 million in Adjusted EBITDA the assets generated between April 1, the effective date for the sale, to November 30, the anticipated closing date.
The DeQuincy assets are expected to generate between $13 million to $17 million in Adjusted EBITDA during 2015 at current commodity prices, Houston-based Midstates said.
“There continues to be interest in these assets from other buyers, and we continue to pursue other asset sales and asset monetizations,” Midstates interim president and CEO Peter Hill said.