Mid-Con Energy Partners LP (NASDAQ:MCEP) is an oil and gas limited partnership which acquires and develops properties. The company is focused on assets located in the mid-continent region of the United States. The company's primary experience is in acquiring developed wells and enhancing them using a technique known as waterflooding. Mid-Con makes money by selling the natural gas and oil extracted using this and other techniques. In addition, the company hedges large portions of its production with financial derivatives. 
For the 9 months ended in September 2010, the company reported Pro forma earnings. For the period, the total revenue was $35M and a net income of $20M. For the same period in 2009, the revenue was $17M and net income $4M. 
The company's initial public offering of stock on the NASDAQ occurred on December 14, 2011. The company offered 5.4M shares each for $18. This was below the $19-$21 price range. The deal raised a total of $97M. The lead mangers of the deal were Royal Bank Of Canada (RY), Raymond James, and Wells Fargo.
Because Mid-Con focuses on using its waterfall technique on developed wells, the company's assets are generally near the end of their producing lives. As a result, the company needs to consistently acquire new properties in order to replace its assets. This replacement is particularly necessary in Mid-Con's case as opposed to other oil and gas companies since its developed wells often have already had the majority of their reserves extracted.