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Midstates Petroleum Plan Filed

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Midstates Petroleum filed with the U.S. Bankruptcy Court a First Amended Joint Plan of Reorganization and related Disclosure Statement, which adds the following text regarding the new common stock and new warrants: “On the Effective Date, after cancellation of Interests in Midstates, the Reorganized Debtors will issue the New Common Stock in Reorganized Parent.”

The Disclosure Statement further notes, “The Plan Supplement will set forth whether the New Common Stock will be (i) converted to limited liability company interests in the event it is determined that the Reorganized Parent will be converted to a limited liability company, (ii) certificated or un-certificated, (iii) held at DTC, and/or (iv) listed on a public stock exchange, and if so, the relevant stock exchange….On the Effective Date, the Reorganized Debtors shall issue the New Warrants on account of Third Lien Notes Claims. The New Warrants shall consist of 3.5-year, out of the money, standard warrants for fifteen percent (15%) of the New Common Stock struck at a strike price corresponding to a $600 million valuation of the New Common Stock. As provided in Article VI.B. of the Plan, all distributions of the New Common Stock and the New Warrants contemplated under the Plan will be deemed completed when made to the Second Lien Notes Trustee, the Third Lien Notes Trustee, or the Unsecured Notes Trustees, and each shall (i) be deemed to be the sole Holder of all Second Lien Notes Claims, all Third Lien Notes Claims, or all Unsecured Notes Claims for purposes of distributions to be made under Plan, and (ii) receive such distributions for the benefit of the beneficial owners of Second Lien Notes Claims, Third Lien Notes Claims, or Unsecured Notes Claims. Thereafter, as soon as practicable, the Second Lien Notes Trustee, the Third Lien Notes Trustee, and Unsecured Notes Trustees shall arrange to deliver such distributions to or on behalf of such Holders of Allowed Second Lien Notes Claims, Allowed Third Lien Notes Claims, or Allowed Unsecured Notes Claims.”

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