Mid-Con Energy Partners (MCEP) 10-Q 3 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	MCEP
Entity Registrant Name	Mid-Con Energy Partners, LP
Entity Central Index Key	1,527,709
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		29,655,804
General Partner Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		360,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 789	$ 3,232
Accounts receivable:
Oil and natural gas sales	7,020	8,051
Other	783	4,070
Derivative financial instruments	15,245	26,202
Prepaids and other	439	652
Total current assets	24,276	42,207
Oil and natural gas properties, successful efforts method:
Proved properties	509,086	501,191
Accumulated depletion, depreciation, amortization and impairment	(109,933)	(93,896)
Total property and equipment, net	399,153	407,295
DERIVATIVE FINANCIAL INSTRUMENTS	2,113	842
OTHER ASSETS	3,925	4,284
Total assets	429,467	454,628
Accounts payable:
Trade	3,081	3,630
Related parties	1,213	3,989
Accrued liabilities	115	397
Total current liabilities	4,409	8,016
Derivative Liability, Noncurrent	527	0
OTHER LONG-TERM LIABILITIES	107	107
LONG-TERM DEBT	200,000	205,000
ASSET RETIREMENT OBLIGATIONS	$ 7,614	$ 7,363
Commitments and Contingencies
Partnership equity:
General partner interest	$ 1,093	$ 1,328
Limited partners- 29,655,804 and 29,166,112 units issued and outstanding as of June 30, 2015 and December 31, 2014, respectively.	215,717	232,814
Total equity	216,810	234,142
Total liabilities and equity	$ 429,467	$ 454,628

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Limited partners, units issued	29,655,804	29,166,112
Limited partners, units outstanding	29,655,804	29,166,112

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Oil sales	$ 21,244	$ 24,216	$ 38,538	$ 45,854
Natural gas sales	367	119	644	288
Loss on derivatives, net	(8,871)	(4,891)	(7,227)	(6,939)
Total revenues	12,740	19,444	31,955	39,203
Operating costs and expenses:
Lease operating expenses	7,617	6,596	16,532	11,287
Oil and natural gas production taxes	1,319	1,493	2,428	2,849
Depreciation, depletion and amortization	8,191	4,672	16,037	8,335
Accretion of discount on asset retirement obligations	93	59	185	111
General and administrative	1,637	1,725	5,278	9,356
Total operating costs and expenses	18,857	14,545	40,460	31,938
Income (loss) from operations	(6,117)	4,899	(8,505)	7,265
Other income (expense):
Interest income and other	3	2	6	4
Interest expense	(1,830)	(1,054)	(3,557)	(1,861)
Total other expense	(1,827)	(1,052)	(3,551)	(1,857)
Net income (loss)	(7,944)	3,847	(12,056)	5,408
Computation of net income (loss) per limited partner unit:
General partners’ interest in net income (loss)	(95)	65	(145)	93
Limited partners’ interest in net income (loss)	$ (7,849)	$ 3,782	$ (11,911)	$ 5,315
Net income (loss) per limited partner unit:
Basic (in dollars per unit)	$ (0.26)	$ 0.18	$ (0.40)	$ 0.26
Diluted (in dollars per unit)	$ (0.26)	$ 0.18	$ (0.40)	$ 0.26
Weighted average limited partner units outstanding:
Common limited partner units (basic)	29,656	21,061	29,572	20,532
Common limited partner units (diluted)	29,656	21,082	29,572	20,557

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities:
Net income (loss)	$ (7,944)	$ 3,847	$ (12,056)	$ 5,408
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	8,191	4,672	16,037	8,335
Debt issuance costs amortization			559	92
Accretion of discount on asset retirement obligations	93	59	185	111
Loss on derivatives, net	8,871	4,891	7,227	6,939
Cash settlements received (paid) for matured derivatives, net	2,423	(2,072)	7,183	(2,993)
Cash settlements received from early termination and modification of derivatives, net	0	0	11,069	0
Cash premiums paid for derivatives, net			(15,266)	0
Non-cash equity-based compensation			2,316	5,764
Changes in operating assets and liabilities:
Accounts receivable			1,031	(1,425)
Other receivables			3,287	29
Prepaids and other			13	(201)
Accounts payable and accrued liabilities			(2,807)	3,400
Net cash provided by operating activities			18,778	25,459
Cash Flows from Investing Activities:
Additions to oil and natural gas properties			(8,628)	(16,062)
Acquisitions of oil and natural gas properties			(1)	(14,607)
Net cash used in investing activities			(8,629)	(30,669)
Cash Flows from Financing Activities:
Proceeds from line of credit			23,000	61,000
Payments on line of credit			(28,000)	(34,000)
Offering costs			(88)	0
Distributions paid			(7,504)	(21,294)
Payments of Debt Issuance Costs			0	(90)
Net cash (used in) provided by financing activities			(12,592)	5,616
Net (decrease) increase in cash and cash equivalents			(2,443)	406
Beginning cash and cash equivalents			3,232	1,434
Ending cash and cash equivalents	789	1,840	789	1,840
Supplemental Cash Flow Information:
Cash paid for interest			3,039	1,823
Non-Cash Investing and Financing Activities:
Accrued capital expenditures - oil and natural gas properties			477	785
Common units issued - acquisition of oil properties	$ 0	$ 34,001	$ 0	$ 34,001

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Changes in Equity - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands	Total	General Partner Units [Member]	Limited Partner [Member]
Balance at Dec. 31, 2014	$ 234,142	$ 1,328	$ 232,814
Balance, Units at Dec. 31, 2014			29,166
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity-based compensation	2,316		$ 2,316
Equity-based compensation, Units			490
Offering costs	(88)		$ (88)
Distributions	(7,504)	(90)	(7,414)
Net income (loss)	(12,056)	(145)	(11,911)
Balance at Jun. 30, 2015	$ 216,810	$ 1,093	$ 215,717
Balance, Units at Jun. 30, 2015			29,656

Organization and Nature of Oper

Organization and Nature of Operations	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations Nature of Operations Mid-Con Energy Partners, LP (“we,” “our,” “us,” the “Partnership,” the "Company") is a publicly held Delaware limited partnership formed in July 2011 that engages in the ownership, acquisition, exploitation and development of producing oil and natural gas properties in North America, with a focus on enhanced oil recovery ("EOR"). Our general partner is Mid-Con Energy GP, LLC, a Delaware limited liability company. Our limited partner units ("common units") are traded on the NASDAQ Global Select Market under the symbol “MCEP.” Basis of Presentation Our unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the SEC. These financial statements have not been audited by our independent registered public accounting firm, except that the condensed consolidated balance sheet at December 31, 2014 is derived from the audited financial statements. Accordingly, certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted in this Form 10-Q. We believe that the presentations and disclosures herein are adequate to make the information not misleading. The unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the interim periods. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014 . All intercompany transactions and account balances have been eliminated. Reclassifications The condensed consolidated financial statements for previous periods include certain reclassifications to the derivative accounts that were made to conform to current presentation. Such reclassifications have no impact on previously reported total assets, net income (loss) or total operating cash flows.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Acquisitions	Acquisitions Acquisitions 2014 The following acquisitions were accounted for under the acquisition method of accounting. Accordingly, we conducted assessments of net assets acquired and recognized amounts for identifiable assets acquired and liabilities assumed at their estimated fair values on the acquisition dates, while transaction and integration costs associated with the acquisitions were expensed as incurred. The results of all acquisitions have been included in the consolidated financial statements since the acquisition dates. Eastern Shelf acquisition During November 2014, we acquired multiple oil properties located in Coke, Coleman, Fisher, Haskell, Jones, Kent, Nolan, Runnels, Stonewall, Taylor, and Tom Green Counties, Texas ("Eastern Shelf") for an aggregate purchase price of approximately $117.6 million, subject to customary post-closing purchase price adjustments. The transaction was primarily funded with borrowings under our revolving credit facility of approximately $21.6 million in cash and the issuance of 5,800,000 common units having an approximate value of $96.0 million, net of offering costs. The recognized fair values of the assets acquired and liabilities assumed are as follows (in thousands): Fair value of net assets: Oil properties $ 119,438 Total assets acquired $ 119,438 Fair value of net liabilities assumed: Asset retirement obligation 1,851 Fair value of net assets acquired $ 117,587 Oilton acquisition During August 2014, we acquired from our affiliate, Mid-Con Energy III, LLC, a certain oil property located in Creek County, Oklahoma ("Oilton") for an aggregate purchase price of approximately $56.5 million. The transaction was primarily funded with borrowings under our revolving credit facility of approximately $4.5 million in cash and the issuance of 2,214,659 common units having an approximate value of $52.0 million. The recognized fair values of the assets acquired and liabilities assumed are as follows (in thousands): Fair Value of net assets: Oil property $ 56,979 Total assets acquired $ 56,979 Fair Value of net liabilities assumed: Asset retirement obligation 479 Net assets acquired $ 56,500 Liberty South acquisition During August 2014, we acquired a waterflood unit in Liberty County, Texas ("Liberty South") for approximately $18.9 million. The acquisition was financed with borrowings under our revolving credit facility. Southern Oklahoma acquisition During May 2014, we acquired additional working interest in some of our Southern Oklahoma core area properties for an aggregate purchase price of approximately $7.3 million. The acquisition was financed with borrowings under our revolving credit facility. Hugoton acquisition During February 2014, we acquired from our affiliate, Mid-Con Energy III, LLC, certain oil properties located in Cimarron, Love and Texas Counties, Oklahoma and Potter County, Texas ("Hugoton") for an aggregate purchase price of approximately $41.0 million. The transaction was primarily funded with borrowings under our revolving credit facility of approximately $7.0 million and the issuance of 1,500,000 common units having an approximate value of $34.0 million. The recognized fair values of the assets acquired and liabilities assumed are as follows (in thousands): Fair Value of net assets: Oil properties $ 41,589 Total assets acquired $ 41,589 Fair Value of net liabilities assumed: Asset retirement obligation 589 Net assets acquired $ 41,000

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Awards	Equity Awards We have a long-term incentive program (the “Long-Term Incentive Program”) for employees, officers, consultants and directors of our general partner and its affiliates, including Mid-Con Energy Operating, LLC (“Mid-Con Energy Operating”), who perform services for us. The Long-Term Incentive Program allows for the award of unit options, unit appreciation rights, unrestricted units, restricted units, phantom units, distribution equivalent rights granted with phantom units, and other types of awards, and it is administered by the members of our general partner (the "Founders") and approved by the Board of Directors of the general partner. The Long-Term Incentive Program permits the grant of awards covering an aggregate of 1,764,000 units under the Form S-8 we filed with the SEC on January 25, 2012. If an employee terminates employment prior to the restriction lapse date, the awarded units are forfeited and canceled and are no longer considered issued and outstanding. The following table shows the number of existing awards and awards available under the Long-Term Incentive Program at June 30, 2015 : Number of Common Units Approved and authorized awards 1,764,000 Unrestricted units granted (1,040,824 ) Restricted units granted, net of forfeitures (460,321 ) Phantom units issued, net of forfeitures (22,166 ) Awards available for future grant 240,689 We account for restricted units as equity awards since these awards will be settled by issuing common units. These restricted units generally vest over a three -year period and we assume a 10% forfeiture rate. A summary of our restricted units awarded for the six months ended June 30, 2015 is presented below: Restricted awards: Number of Restricted Units Average Grant Date Fair Value per Unit Outstanding at December 31, 2014 109,800 $23.28 Units granted 294,100 $5.42 Units vested (119,070 ) $9.69 Units forfeited (6,408 ) $18.50 Outstanding at June 30, 2015 278,422 $10.34 As of June 30, 2015 , there was approximately $1.7 million of unrecognized compensation costs related to non-vested restricted units. The cost is expected to be recognized over a weighted average period of approximately 1.5 years. During the six months ended June 30, 2015, we granted 202,000 unrestricted and 268,000 restricted common units with one-third vesting immediately and the other two-thirds vesting over two -years, and 26,100 restricted common units with a three -year vesting period. We recognized $0.4 million and $2.4 million of total equity-based compensation expense for the three and six months ended June 30, 2015, respectively, and for the three and six months ended June 30, 2014 we recognized $0.3 million and $6.0 million of total equity-based compensation expense, respectively. These costs are reported as a component of general and administrative expense in our unaudited condensed consolidated statement of operations.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The objective of our risk management program is to achieve more predictable cash flows by reducing our exposure to short-term fluctuations in the price of oil and natural gas. We believe this strategy will protect our ability to make current distributions and, by retaining some opportunity to participate in upward price movements, may also enhance our position to increase distributions in the future. To this end, we utilize financial derivatives-namely swaps, calls and puts-to manage a portion of our exposure to commodity prices and specific delivery points. We enter into commodity derivative contracts and/or modify our portfolio of existing commodity derivative contracts when we believe market conditions or other circumstances suggest that it is prudent to do so. At June 30, 2015 , our open positions consisted of crude oil price swaps and collars consisting of long puts and short calls with the same strike price. Under commodity swap agreements, we exchange a stream of payments over time according to specified terms with another counterparty. In a typical commodity swap agreement, we agree to pay an adjustable or floating price tied to an agreed upon index for the oil commodity and in return receive a fixed price based on notional quantities. With the collars having the same strike prices, they settle like a swap. Each call transaction has an established fixed price. When the settlement price is above the fixed price, we pay the counterparty an amount equal to the difference between the settlement price and the fixed price multiplied by the contract volume. If the settlement price is below the fixed price, the call option expires. Each put transaction has an established fixed price. The counterparty charges a premium in order to enter into the put transactions. These premiums are deferred and will be paid monthly as the contracts settle. If the floating price is below the floor price, we receive from the counterparty an amount equal to the difference multiplied by the contract volume net of the deferred premium we owe upon contract settlement. If the floating price exceeds the fixed price, the put option expires and we pay the deferred premium. We have elected not to designate commodity derivative contracts as hedges for accounting purposes; therefore, the mark-to-market adjustment reflecting the change in the fair value of unsettled derivative contracts is recorded in current period earnings. When prices for oil are volatile, a significant portion of the effect of our hedging activities consists of non-cash gains or losses due to changes in the fair value of our commodity derivative contracts. Net settlement gains or losses on derivative contracts only arise from net payments made or received on monthly settlements or if a commodity derivative contract is terminated prior to its expiration. Pursuant to the accounting standard that permits netting of assets and liabilities where the right of offset exists, we present the fair value of derivative financial instruments on a net basis. At June 30, 2015 and December 31, 2014, we recorded the estimated fair value of the derivative contracts as a net asset of $16.8 million and $27.0 million, respectively. As of June 30, 2015 , we had the following oil derivative open positions: Period Covered Weighted Average Fixed Price Weighted Average Floor Price Weighted Average Ceiling Price Total Swaps - 2015 $90.63 2,446 Swaps - 2016 $84.11 1,434 Collars - 2015 $ 50.00 $ 50.00 489 Collars - 2016 $ 50.00 $ 50.00 1,107 During the first quarter of 2015, we restructured a significant portion of our existing oil derivatives that were in place at December 31, 2014. This resulted in the early settlement of certain contracts existing at December 31, 2014, and entering into new oil derivative contracts which extend through September 2016. In connection with the early termination and modifications of our commodity derivative contracts, we received net proceeds of approximately $11.1 million from the early termination of contracts at January 31, 2015, received approximately $5.9 million from selling calls and paid out approximately $19.8 million in premiums to extend the contracts through September 2016. The restructuring also resulted in approximately $4.1 million in deferred put options. As of June 30, 2015, we had paid $1.4 million of the deferred put premiums in connection with contract settlements. Our oil derivative contracts expose us to credit risk in the event of nonperformance by counterparties. While we do not require our counterparties to our derivative contracts to post collateral, it is our policy to enter into derivative contracts only with counterparties that are major, creditworthy financial institutions deemed by management as competent and competitive market makers. We evaluate the credit standing of such counterparties by reviewing their credit rating. As of June 30, 2015 , the counterparties to our derivative contracts currently in place are lenders under our revolving credit facility and have investment grade credit ratings. The following tables summarizes the gross fair value by the appropriate balance sheet classification, even when the derivative instruments are subject to netting arrangements and qualify for net presentation in our unaudited condensed consolidated balance sheets at June 30, 2015 and December 31, 2014 (in thousands): Gross Amounts Recognized Gross Amounts Offset in the Unaudited Condensed Consolidated Balance Sheet Net Amounts Presented in the Unaudited Condensed Consolidated Balance Sheet June 30, 2015: Assets Derivative financial instruments - current asset $ 21,953 $ (6,708 ) $ 15,245 Derivative financial instruments - long-term asset 4,352 (2,239 ) 2,113 Total $ 26,305 $ (8,947 ) $ 17,358 Liabilities Derivative financial instruments - current liability $ (4,779 ) $ 4,779 $ — Derivative deferred premium - current liability (1,929 ) 1,929 — Derivative financial instruments - long-term liability (2,068 ) 1,541 (527 ) Derivative deferred premium - long-term liability (698 ) 698 — Total $ (9,474 ) $ 8,947 $ (527 ) Net Asset $ 16,831 $ — $ 16,831 Gross Gross Amounts Net Amounts December 31, 2014: Assets Derivative financial instruments - current asset $ 26,202 $ — $ 26,202 Derivative financial instruments - long-term asset 842 — 842 Total $ 27,044 $ — $ 27,044 Liabilities Derivative financial instruments - current liability $ — $ — $ — Derivative financial instruments - long-term liability — — — Total $ — $ — $ — Net Asset $ 27,044 $ — $ 27,044 The following table presents the impact of derivative financial instruments on the unaudited condensed consolidated statements of operations (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Net settlements on matured derivatives $ 2,423 $ (2,072 ) $ 7,183 $ (2,993 ) Net settlements on early terminations and modifications of derivatives — — 11,069 — Change in fair value of unsettled derivatives, net (11,294 ) (2,819 ) (25,479 ) (3,946 ) Total loss on derivatives, net $ (8,871 ) $ (4,891 ) $ (7,227 ) $ (6,939 )

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures Fair Value of Financial Instruments The carrying amounts reported in our balance sheet for cash, accounts receivable and accounts payable approximate their fair values. The carrying amount of long-term debt under our revolving credit facility approximates fair value because the revolving credit facility’s variable interest rate resets frequently and approximates current market rates available to us. We account for our derivative financial instruments at fair value. The fair value of our derivative financial instruments is determined utilizing NYMEX closing prices for the contract period. Fair Value Measurements Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Our assets and liabilities recorded in the balance sheet are categorized based on the inputs to the valuation technique as follows: Level 1 —Financial assets and liabilities for which values are based on unadjusted quoted prices for identical assets or liabilities in an active market that management has the ability to access. Level 2 —Financial assets and liabilities for which values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 3 —Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. When the inputs used to measure fair value fall within different levels of the hierarchy in a liquid environment, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Assets and Liabilities Measured at Fair Value on a Recurring Basis We account for our commodity derivatives and their corresponding deferred premiums at fair value on a recurring basis. We use certain pricing models to determine the fair value of our derivative financial instruments. Inputs to the pricing models include publicly available prices from a compilation of data gathered from third parties and brokers. We validate the data provided by our counterparties and third-party providers by understanding the pricing models used, obtaining market values from other pricing sources, analyzing pricing data in certain situations and confirming that those securities trade in active markets. See Note 4 for a summary of our derivative financial instruments. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis We estimate the fair value of the asset retirement obligations based on discounted cash flow projections using numerous estimates, assumptions and judgments regarding such factors as the existence of a legal obligation for an asset retirement obligation; amounts and timing of settlements; the credit-adjusted risk-free rate to be used; and inflation rates. See Note 6 for a summary of changes in asset retirement obligations. We review our long-lived assets to be held and used, including proved oil and natural gas properties, whenever events or circumstances indicate that the carrying value of those assets may not be recoverable. An impairment loss is indicated if the sum of the expected undiscounted future net cash flows is less than the carrying amount of the assets. In this circumstance, we recognize an impairment loss for the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. Estimating future cash flows involves the use of judgments, including estimation of the proved oil and natural gas reserve quantities, timing of development and production, expected future commodity prices, capital expenditures and production costs. There were no impairment charges for the three and six months ended June 30, 2015 and 2014. The following sets forth, by level within the hierarchy, the fair value of our assets and liabilities measured at fair value as of June 30, 2015 and December 31, 2014 (in thousands): Level 1 Level 2 Level 3 June 30, 2015 Assets and Liabilities Measured at Fair Value on a Recurring Basis Derivative financial instruments- asset $ — $ 26,305 $ — Derivative financial instruments- liability — (6,847 ) — Derivative deferred premiums - liability — — (2,627 ) Net financial assets $ — $ 19,458 $ (2,627 ) Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Asset retirement obligations $ — $ — $ 66 December 31, 2014 Assets and Liabilities Measured at Fair Value on a Recurring Basis Derivative financial instruments- asset $ — $ 27,044 $ — Derivative financial instruments- liability — — — Net financial assets $ — $ 27,044 $ — Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Asset retirement obligations $ — $ — $ 3,171 Impairment of proved oil and natural gas properties $ — $ — $ 30,206 A summary of the changes in Level 3 fair value measurements for the periods presented are as follows: Six Months Ended Year Ended (in thousands) Balance of Level 3 at beginning of period $ — $ — Derivative deferred premiums - purchases (4,068 ) — Derivative deferred premiums - settlements 1,441 — Balance of Level 3 at end of period $ (2,627 ) $ — Our estimates of fair value have been determined at discrete points in time based on relevant market data. These estimates involve uncertainty and cannot be determined with precision. There were no changes in valuation techniques or related inputs for the six months ended June 30, 2015 and 2014.

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations Our asset retirement obligations ("ARO") represent the estimated present value of the amount we will incur to plug, abandon and remediate our oil and natural gas properties at the end of their production lives, in accordance with applicable state laws. We determine our ARO by calculating the present value of estimated cash flow related to the liability. Each year we review and to the extent necessary, revise our ARO estimates. AROs are recorded as a liability at their estimated present value at the various assets’ inception, with the offsetting charge to oil and natural gas properties. Periodic accretion of the discounted estimated liability is recorded in our unaudited condensed consolidated statement of operations. The discounted capitalized cost is amortized to expense through the depreciation calculation over the life of the assets based on proved developed reserves. Changes in our ARO for the periods indicated are presented in the following table: Six Months Ended Year Ended (in thousands) Asset retirement obligation - beginning of period $ 7,363 $ 3,942 Liabilities incurred for new wells and interest 53 3,171 Revision of estimates 13 — Accretion expense 185 250 Asset retirement obligation - end of period $ 7,614 $ 7,363 As of June 30, 2015 and December 31, 2014 , all of our ARO were classified as long-term and were reported as “Asset Retirement Obligations” in our unaudited condensed consolidated balance sheets.

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt As of June 30, 2015 , our credit facility consists of a $250.0 million senior secured revolving credit facility that expires in November 2018 . Borrowings under the revolving credit facility may not exceed our current borrowing base of $220.0 million as determined at April 2, 2015. Borrowings under the facility are secured by liens on not less than 80% of our assets and the assets of our subsidiaries. We may use borrowings under the facility for acquiring and developing oil and natural gas properties, for working capital purposes, for general partnership purposes and for funding distributions to our unitholders. At June 30, 2015 , we had $200.0 million of borrowings outstanding under the revolving credit facility. The facility requires us and our subsidiaries to maintain a leverage ratio of Consolidated Funded Indebtedness to Consolidated EBITDAX (as defined in the facility) of not more than 4.0 to 1.0 , and a current ratio of not less than 1.0 to 1.0 . Borrowings under the revolving credit facility bear interest at a floating rate based on, at our election: (i) the greater of the prime rate of the Royal Bank of Canada, the federal funds effective rate plus 0.50% , or the one month adjusted London Interbank Offered Rate (“LIBOR”) plus 1.0% , all of which are subject to a margin that varies from 0.75% to 1.75% per annum according to the borrowing base usage (which is the ratio of outstanding borrowings and letters of credit to the borrowing base then in effect), or (ii) the applicable LIBOR plus a margin that varies from 1.75% to 2.75% per annum according to the borrowing base usage. For the three months ended June 30, 2015 , the average effective interest rate was approximately 2.95% . The unused portion of the borrowing base is subject to a commitment fee that varies from 0.375% to 0.50% per annum according to the borrowing base usage. During February 2015, the revolving credit facility was amended to allow our EBITDAX calculation, as defined in section 7.13 of the original revolving credit agreement, to reflect the net cash flows attributable to the restructured commodity derivative contracts that occurred during January 2015 to be recognized in specific amounts for the periods of the first quarter 2015 through the third quarter of 2016. With the April 2, 2015 redetermination, our borrowing base was reduced to $220.0 million from $240.0 million. No other material terms of the original credit agreement were amended. The next scheduled borrowing base redetermination is expected to take place in October 2015. The borrowing base is determined by the lenders based on the value of our proved oil and natural gas reserves using assumptions regarding future prices, costs and other matters that may vary. The borrowing base is subject to scheduled redeterminations on or about April 30th and October 31st of each year with an additional redetermination during the period between each scheduled borrowing base determination, either at our request or at the request of the lenders. An additional borrowing base redetermination may be made at the request of the lenders in connection with a material disposition of our properties or a material liquidation of a hedge contract. The revolving credit facility includes customary affirmative and negative covenants, such as limitations on the creation of new indebtedness and on certain liens, restrictions on certain transactions and payments. If we fail to perform our obligations under these and other covenants, the revolving credit commitments may be terminated and any outstanding indebtedness under the credit agreement, together with accrued interest could be declared immediately due and payable. We were in compliance with all debt covenants throughout the period ended June 30, 2015 .

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitment and Contingencies	Commitments and Contingencies We have a service agreement with Mid-Con Energy Operating, pursuant to which Mid-Con Energy Operating will provide certain services to us, our subsidiaries and our general partner, including management, administrative and operations services, which include marketing, geological and engineering services. Under the services agreement, we reimburse Mid-Con Energy Operating, on a monthly basis, for the allocable expenses it incurs in its performance under the services agreement. These expenses include, among other things, salary, bonus, incentive compensation and other amounts paid to persons who perform services for or on our behalf and other expenses allocated by Mid-Con Energy Operating to us. We are party to various claims, legal actions and complaints arising in the ordinary course of business. In the opinion of management, the ultimate resolution of all claims, legal actions and complaints after consideration of amounts accrued, insurance coverage or other indemnification arrangements will not have a material adverse effect on our financial position, results of operations or cash flows. Our general partner has entered into employment agreements with the following named employees of our general partner: Jeffrey R. Olmstead, President and Chief Executive Officer; and Charles R. Olmstead, Executive Chairman of the Board of our general partner. The previous employment agreement with S. Craig George was terminated in August 2014. The employment agreements provide for a term that commenced on August 1, 2011 and automatically renewed on August 1, 2014 for an additional year, unless earlier terminated, and will continue to automatically renew for one-year terms unless either we or the employee gives written notice of termination at least by February 1st preceding any such August 1st. Pursuant to the employment agreements, each employee will serve in his respective position with our general partner, as set forth above, and has duties, responsibilities, and authority as the board of directors of our general partner may specify from time to time, in roles consistent with such positions that are assigned to him. The agreement stipulates that if there is a change of control, termination of employment with cause or without cause, or death of the executive certain payments will be made to the executive officer. These payments, depending on the reason for termination, currently range from $0.8 million to $1.4 million, including the value of vesting of any outstanding units.

Equity

Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Equity	Equity Common Units At June 30, 2015 and December 31, 2014 , the Partnership’s equity consisted of 29,655,804 and 29,166,112 common units, respectively, representing approximately a 98.8% limited partnership interest in us. On May 5, 2015, we entered into an Equity Distribution Agreement (the “Agreement”) to sell, from time to time through or to the Managers (as defined in the Agreement), up to $50.0 million in common units representing limited partner interests (“Common Units”). The sales, if any, of Common Units made under the Agreement will be made by any method permitted by law deemed to be an "at-the-market-offering" as defined in Rule 415 under the Securities Act of 1933, as amended (the "Securities Act"), including without limitation, sales made directly on the NASDAQ Global Select Market, on any other existing trading market for our common units or to or through a market maker. We intend to use the net proceeds of any sales pursuant to the Equity Distribution Agreement, after deducting the Managers’ commissions and offering expenses, for general purposes, which may include, among other things, repayment of indebtedness, future acquisitions, capital expenditures and additions to working capital. The Common Units to be issued are registered under a previously filed shelf registration statement on Form S-3 (File No. 333-195669), which was declared effective by the SEC on October 21, 2014. During the three months ended June 30, 2015, we did not sell any common units. Cash Distributions We intend to continue to make regular cash distributions to unitholders on a quarterly basis, although there is no assurance as to the future cash distributions since they are dependent upon future earnings, cash flows, capital requirements, financial condition and other factors. Our revolving credit facility prohibits us from making cash distributions if any potential default or event of default, as defined in our revolving credit facility, occurs or would result from the cash distribution. Our partnership agreement requires us to distribute all of our available cash on a quarterly basis. Our available cash is our cash on hand at the end of a quarter after the payment of our expenses and the establishment of reserves for future capital expenditures and operational needs, including cash from working capital borrowings. Our cash distribution policy reflects a basic judgment that our unitholders will be better served by us distributing our available cash, after expenses and reserves, rather than retaining it. The following sets forth the distributions we paid during the six months ended June 30, 2015 (in thousands, except per unit distribution): Date Paid Period Covered Distribution per Unit Total Distribution February 13, 2015 October 1, 2014 - December 31, 2014 $0.125 $3,752 May 14, 2015 January 1, 2015 - March 31, 2015 $0.125 $3,752 On July 22, 2015 , the Board of Directors of our general partner approved a quarterly cash distribution for the second quarter of 2015 of $0.125 per unit, or $0.50 per unit on an annualized basis, which will be paid on August 13, 2015 , to unitholders of record at the close of business on August 6, 2015 . The aggregate amount of the distribution will be approximately $3.8 million . Allocation of Net Income Net income is allocated between our general partner and the limited partner unitholders in proportion to their pro rata ownership during the period.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The following agreements were negotiated among affiliated parties and, consequently, are not the result of arm’s length negotiations. The following is a description of those agreements that have been entered into with the affiliates of our general partner and with our general partner. Services Agreement We are party to a services agreement with Mid-Con Energy Operating pursuant to which Mid-Con Energy Operating provides certain services to us, including management, administrative and operational services. The operational services include marketing, geological and engineering services. Under the services agreement, we reimburse Mid-Con Energy Operating, on a monthly basis, for the allocable expenses it incurs in its performance under the services agreement. These expenses include, among other things, salary, bonus, incentive compensation and other amounts paid to persons who perform services for us or on our behalf and other expenses allocated by Mid-Con Energy Operating to us. During the three and six months ended June 30, 2015 , we reimbursed Mid-Con Energy Operating approximately $0.8 million and $1.7 million, for direct expenses, respectively. These costs are included in the general and administrative expenses in our unaudited condensed consolidated statements of operations. Other Transactions with Related Persons We, various third parties with an ownership interest in the same property and our affiliate, Mid-Con Energy Operating, are party to standard oil and natural gas joint operating agreements, pursuant to which we and those third parties pay Mid-Con Energy Operating overhead charges associated with operating our properties (commonly referred to as the Council of Petroleum Accountants Societies, or COPAS, fee). We and those third parties will also pay Mid-Con Energy Operating for its direct and indirect expenses that are chargeable to the wells under their respective operating agreements. During February and August 2014, we acquired from Mid-Con Energy III, LLC, an affiliated company, certain oil properties located in Oklahoma and Texas. The terms of the acquisitions were approved by the Conflicts Committee of the Board of Directors of the General Partner (the “Conflicts Committee”). The Conflicts Committee, which is composed entirely of independent directors, retained independent legal and financial counsel to assist it in evaluating and negotiating the purchase agreements and the acquisitions. The purchase agreements contained representations and warranties, covenants and indemnification provisions that are typical for transactions of this nature and that were made or agreed to, among other things, to provide the parties thereto with specified rights and obligations and to allocate risk among them. See Note 2 to the Unaudited Condensed Consolidated Financial Statements for more information regarding these acquisitions. At June 30, 2015 , we had payables to Mid-Con Energy Operating of approximately $1.2 million which was comprised of a joint interest billing payable of approximately $0.9 million and a payable for operating services of approximately $0.3 million . These amounts are included in the Accounts payable-related parties in our unaudited condensed consolidated balance sheets.

New Accounting Standards

New Accounting Standards	6 Months Ended
	Jun. 30, 2015
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	New Accounting Standards In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers , which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. On April 1, 2015, the Financial Accounting Standard Board tentatively decided to defer the effective date of Accounting Standard Update No. 2014-09 by one year. As a result, public entities would apply the new revenue standard to annual reporting periods beginning after December 15, 2017, and to interim periods within that reporting period, with early adoption permitted. We are currently evaluating the impact the pronouncement will have on our consolidated financial statements and related disclosures. In February 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). In addition to reducing the number of consolidation models from four to two, the guidance simplifies and improves current guidance by placing more emphasis on risk of loss when determining a controlling financial interest and reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a VIE. The standard is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, with early adoption permitted. We are currently evaluating the effect, if any, that this new guidance will have on our consolidated financial statements and related disclosures. In April 2015, the Financial Accounting Board issued Accounting Standards Update No. 2015-03, Interest: Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. We are currently evaluating the impact the pronouncement will have on our consolidated financial statements and related disclosures.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions On July 22, 2015 , the Board of Directors of our general partner approved a quarterly cash distribution for the second quarter of 2015 of $0.125 per unit, or $0.50 on an annualized basis, which will be paid on August 13, 2015 , to unitholders of record at the close of business on August 6, 2015 . The aggregate amount of the distribution will be approximately $3.8 million . Also on July 22, 2015, the Board of Directors of our general partner authorized the issuance of 54,551 unrestricted common units, 69,000 equity-settled phantom units with one-third vesting immediately and the other two thirds vesting over two -years, and 46,500 equity-settled phantom units with a three -year vesting period. The equity-settled phantom units do not have any rights or privileges of a unit holder, including right to distributions, until vesting and the resulting conversion into common units. These units were granted to certain employees of our affiliates and certain directors and founders of our general partner.

Organization and Nature of Op19

Organization and Nature of Operations (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the SEC. These financial statements have not been audited by our independent registered public accounting firm, except that the condensed consolidated balance sheet at December 31, 2014 is derived from the audited financial statements. Accordingly, certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted in this Form 10-Q. We believe that the presentations and disclosures herein are adequate to make the information not misleading. The unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the interim periods. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014 . All intercompany transactions and account balances have been eliminated. Reclassifications The condensed consolidated financial statements for previous periods include certain reclassifications to the derivative accounts that were made to conform to current presentation. Such reclassifications have no impact on previously reported total assets, net income (loss) or total operating cash flows.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2015
Permian [Member]
Business Acquisition [Line Items]
Schedule of assets acquired and liabilities assumed	The recognized fair values of the assets acquired and liabilities assumed are as follows (in thousands): Fair value of net assets: Oil properties $ 119,438 Total assets acquired $ 119,438 Fair value of net liabilities assumed: Asset retirement obligation 1,851 Fair value of net assets acquired $ 117,587
Creek County
Business Acquisition [Line Items]
Schedule of assets acquired and liabilities assumed	The recognized fair values of the assets acquired and liabilities assumed are as follows (in thousands): Fair Value of net assets: Oil property $ 56,979 Total assets acquired $ 56,979 Fair Value of net liabilities assumed: Asset retirement obligation 479 Net assets acquired $ 56,500
Hugoton
Business Acquisition [Line Items]
Schedule of assets acquired and liabilities assumed	The recognized fair values of the assets acquired and liabilities assumed are as follows (in thousands): Fair Value of net assets: Oil properties $ 41,589 Total assets acquired $ 41,589 Fair Value of net liabilities assumed: Asset retirement obligation 589 Net assets acquired $ 41,000

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of existing awards and awards available under Long-Term Incentive Program	The following table shows the number of existing awards and awards available under the Long-Term Incentive Program at June 30, 2015 : Number of Common Units Approved and authorized awards 1,764,000 Unrestricted units granted (1,040,824 ) Restricted units granted, net of forfeitures (460,321 ) Phantom units issued, net of forfeitures (22,166 ) Awards available for future grant 240,689
Summary of restricted units awarded	A summary of our restricted units awarded for the six months ended June 30, 2015 is presented below: Restricted awards: Number of Restricted Units Average Grant Date Fair Value per Unit Outstanding at December 31, 2014 109,800 $23.28 Units granted 294,100 $5.42 Units vested (119,070 ) $9.69 Units forfeited (6,408 ) $18.50 Outstanding at June 30, 2015 278,422 $10.34

Derivative Financial Instrume22

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity Contracts	As of June 30, 2015 , we had the following oil derivative open positions: Period Covered Weighted Average Fixed Price Weighted Average Floor Price Weighted Average Ceiling Price Total Swaps - 2015 $90.63 2,446 Swaps - 2016 $84.11 1,434 Collars - 2015 $ 50.00 $ 50.00 489 Collars - 2016 $ 50.00 $ 50.00 1,107
Estimated Fair Value of Derivative Assets and Liabilities	The following tables summarizes the gross fair value by the appropriate balance sheet classification, even when the derivative instruments are subject to netting arrangements and qualify for net presentation in our unaudited condensed consolidated balance sheets at June 30, 2015 and December 31, 2014 (in thousands): Gross Amounts Recognized Gross Amounts Offset in the Unaudited Condensed Consolidated Balance Sheet Net Amounts Presented in the Unaudited Condensed Consolidated Balance Sheet June 30, 2015: Assets Derivative financial instruments - current asset $ 21,953 $ (6,708 ) $ 15,245 Derivative financial instruments - long-term asset 4,352 (2,239 ) 2,113 Total $ 26,305 $ (8,947 ) $ 17,358 Liabilities Derivative financial instruments - current liability $ (4,779 ) $ 4,779 $ — Derivative deferred premium - current liability (1,929 ) 1,929 — Derivative financial instruments - long-term liability (2,068 ) 1,541 (527 ) Derivative deferred premium - long-term liability (698 ) 698 — Total $ (9,474 ) $ 8,947 $ (527 ) Net Asset $ 16,831 $ — $ 16,831 Gross Gross Amounts Net Amounts December 31, 2014: Assets Derivative financial instruments - current asset $ 26,202 $ — $ 26,202 Derivative financial instruments - long-term asset 842 — 842 Total $ 27,044 $ — $ 27,044 Liabilities Derivative financial instruments - current liability $ — $ — $ — Derivative financial instruments - long-term liability — — — Total $ — $ — $ — Net Asset $ 27,044 $ — $ 27,044
Impact of Derivative Financial Instruments within Condensed Consolidated Statement of Operations	The following table presents the impact of derivative financial instruments on the unaudited condensed consolidated statements of operations (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Net settlements on matured derivatives $ 2,423 $ (2,072 ) $ 7,183 $ (2,993 ) Net settlements on early terminations and modifications of derivatives — — 11,069 — Change in fair value of unsettled derivatives, net (11,294 ) (2,819 ) (25,479 ) (3,946 ) Total loss on derivatives, net $ (8,871 ) $ (4,891 ) $ (7,227 ) $ (6,939 )

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of fair value measurements	The following sets forth, by level within the hierarchy, the fair value of our assets and liabilities measured at fair value as of June 30, 2015 and December 31, 2014 (in thousands): Level 1 Level 2 Level 3 June 30, 2015 Assets and Liabilities Measured at Fair Value on a Recurring Basis Derivative financial instruments- asset $ — $ 26,305 $ — Derivative financial instruments- liability — (6,847 ) — Derivative deferred premiums - liability — — (2,627 ) Net financial assets $ — $ 19,458 $ (2,627 ) Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Asset retirement obligations $ — $ — $ 66 December 31, 2014 Assets and Liabilities Measured at Fair Value on a Recurring Basis Derivative financial instruments- asset $ — $ 27,044 $ — Derivative financial instruments- liability — — — Net financial assets $ — $ 27,044 $ — Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Asset retirement obligations $ — $ — $ 3,171 Impairment of proved oil and natural gas properties $ — $ — $ 30,206
Schedule of changes in Level 3 fair value measurements	A summary of the changes in Level 3 fair value measurements for the periods presented are as follows: Six Months Ended Year Ended (in thousands) Balance of Level 3 at beginning of period $ — $ — Derivative deferred premiums - purchases (4,068 ) — Derivative deferred premiums - settlements 1,441 — Balance of Level 3 at end of period $ (2,627 ) $ —

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]
Changes in Asset Retirement Obligations	Changes in our ARO for the periods indicated are presented in the following table: Six Months Ended Year Ended (in thousands) Asset retirement obligation - beginning of period $ 7,363 $ 3,942 Liabilities incurred for new wells and interest 53 3,171 Revision of estimates 13 — Accretion expense 185 250 Asset retirement obligation - end of period $ 7,614 $ 7,363

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Cash Distributions	The following sets forth the distributions we paid during the six months ended June 30, 2015 (in thousands, except per unit distribution): Date Paid Period Covered Distribution per Unit Total Distribution February 13, 2015 October 1, 2014 - December 31, 2014 $0.125 $3,752 May 14, 2015 January 1, 2015 - March 31, 2015 $0.125 $3,752

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended
	Aug. 31, 2014	May. 31, 2014
Liberty County, Texas
Business Acquisition [Line Items]
Consideration paid in cash	$ 18.9
Southern Oklahoma
Business Acquisition [Line Items]
Consideration paid in cash		$ 7.3

Acquisitions Acquisition - 1 (D

Acquisitions Acquisition - 1 (Details) - Nov. 30, 2014 - Permian [Member] - USD ($) $ in Thousands	Total
Business Acquisition [Line Items]
Number of limited partner units issued - acquisition	5,800,000
Total consideration transferred	$ 117,600
Consideration paid in cash	21,600
Value of units issued	96,000
Oil properties	119,438
Total assets acquired	119,438
Asset retirement obligation	1,851
Net assets acquired	$ 117,587

Acquisitions Acquisition - 2 (D

Acquisitions Acquisition - 2 (Details) - Aug. 31, 2014 - Creek County - USD ($) $ in Thousands	Total
Business Acquisition [Line Items]
Number of limited partner units issued - acquisition	2,214,659
Total consideration transferred	$ 56,500
Consideration paid in cash	4,500
Value of units issued	52,000
Oil properties	56,979
Total assets acquired	56,979
Asset retirement obligation	479
Net assets acquired	$ 56,500

Acquisitions Acquisitions - 3 (

Acquisitions Acquisitions - 3 (Details) - Feb. 28, 2014 - Hugoton - USD ($) $ in Thousands	Total
Business Acquisition [Line Items]
Number of limited partner units issued - acquisition	1,500,000
Total consideration transferred	$ 41,000
Consideration paid in cash	7,000
Value of units issued	34,000
Oil properties	41,589
Total assets acquired	41,589
Asset retirement obligation	589
Net assets acquired	$ 41,000

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 0.4	$ 0.3	$ 2.4	$ 6
Nonvested Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 1.7		$ 1.7
Weighted average period - unrecognized cost			1 year 6 months 4 days
Restricted Common Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Forfeiture rate			10.00%
Common units authorized - issuance			26,100
Long-Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved and authorized awards	1,764,000		1,764,000
Share-based Compensation Award, Tranche One [Member] | Restricted and Unrestricted common units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Percentage			33.00%
Share-based Compensation Award, Tranche Two [Member] | Unrestricted Common Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common units authorized - issuance			202,000
Share-based Compensation Award, Tranche Two [Member] | Restricted Common Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common units authorized - issuance			268,000
Share-based Compensation Award, Tranche Two [Member] | Restricted and Unrestricted common units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			2 years
Vesting Percentage			66.00%

Equity-Based Compensation - Awa

Equity-Based Compensation - Awards available for future grant (Details) - Jun. 30, 2015 - Long-Term Incentive Plan [Member] - $ / shares	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved and authorized awards	1,764,000
Unrestricted Units granted, included vested units	(1,040,824)
Restricted units granted, net of forfeitures and vesting	(460,321)
Phantom units issued, net of forfeitures	$ (22,166)
Awards available for future grant	240,689

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Units (Details) - 6 months ended Jun. 30, 2015 - Restricted Common Units [Member] - $ / shares	Total
Number of units
Outstanding, beginning of period	109,800
Units granted	294,100
Units vested	(119,070)
Units forfeited	(6,408)
Outstanding, end of period	278,422
Average fair value per unit, outstanding	$ 23.28
Average grant date fair value per unit, granted	5.42
Average grant date fair value per unit, vested	9.69
Average grant date fair value per unit, forfeited	18.50
Average fair value per unit, outstanding	$ 10.34

Derivative Financial Instrume33

Derivative Financial Instruments Derivative Financial Instruments - Additional information (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Assets (Liabilities), at Fair Value, Net	$ 16,831	$ 27,044

Derivative Financial Instrume34

Derivative Financial Instruments - Commodity Contracts (Detail) - Jun. 30, 2015	Bbls$ / Bbls
Swap [Member] | Period Covered-2015 [Member]
Derivative [Line Items]
Weighted Average Fixed Price	90.63
Total Bbls Hedged/day | Bbls	2,446
Swap [Member] | Period Covered-2016 [Member]
Derivative [Line Items]
Weighted Average Fixed Price	84.11
Total Bbls Hedged/day | Bbls	1,434
Collar [Member] | Period Covered-2015 [Member]
Derivative [Line Items]
Weighted Average Floor Price	50
Weighted Average Ceiling Price	50
Total Bbls Hedged/day | Bbls	489
Collar [Member] | Period Covered-2016 [Member]
Derivative [Line Items]
Weighted Average Floor Price	50
Weighted Average Ceiling Price	50
Total Bbls Hedged/day | Bbls	1,107

Derivative Financial Instrume35

Derivative Financial Instruments Restructured Commodity Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash settlements received from early termination and modification of derivatives, net	$ 0	$ 0	$ 11,069	$ 0
Cash Received from Derivative - Calls	$ 5,900		5,900
Cash paid for premiums			19,800
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases			4,100
Derivative deferred premiums - settlements			$ 1,441		$ 0

Derivative Financial Instrume36

Derivative Financial Instruments - Summary of Gross Fair Value by Appropriate Balance Sheet Classification (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets [Abstract]
Gross Amounts of Recognized Assets	$ 26,305	$ 27,044
Gross Amounts Offset	(8,947)	0
Net Amount presented - Balance Sheet	17,358	27,044
Liabilities [Abstract]
Gross Amounts of Recognized Liabilities	(9,474)	0
Gross Amounts Offset	8,947	0
Net Amount presented - Balance Sheet	(527)	0
Gross Amount of Recognized Assets and Liabilities	16,831	27,044
Gross Amounts Offset	0	0
Net Assets Presented - Balance Sheet	16,831	27,044
Current Asset [Member]
Assets [Abstract]
Gross Amounts of Recognized Assets	21,953	26,202
Gross Amounts Offset	(6,708)	0
Net Amount presented - Balance Sheet	15,245	26,202
Long Term Asset [Member]
Assets [Abstract]
Gross Amounts of Recognized Assets	4,352	842
Gross Amounts Offset	(2,239)	0
Net Amount presented - Balance Sheet	2,113	842
Current Liability [Member]
Liabilities [Abstract]
Gross Amounts of Recognized Liabilities	(4,779)	0
Gross Amounts Offset	4,779	0
Net Amount presented - Balance Sheet	0	0
Gross Amount Deferred premium	(1,929)
Deferred Premium Offset Against Collateral	1,929
Deferred Premium	0
Long Term Liability [Member]
Liabilities [Abstract]
Gross Amounts of Recognized Liabilities	(2,068)	0
Gross Amounts Offset	1,541	0
Net Amount presented - Balance Sheet	(527)	$ 0
Gross Amount Deferred premium	(698)
Deferred Premium Offset Against Collateral	698
Deferred Premium	$ 0

Derivative Financial Instrume37

Derivative Financial Instruments - Impact of Derivative Financial Instruments within Condensed Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net settlements on matured derivatives	$ 2,423	$ (2,072)	$ 7,183	$ (2,993)
Net settlements on early terminations and modifications of derivatives	0	0	11,069	0
Change in fair value of unsettled derivatives, net	(11,294)	(2,819)	(25,479)	(3,946)
Total loss on derivatives, net	$ (8,871)	$ (4,891)	$ (7,227)	$ (6,939)

Fair Value Disclosures - Additi

Fair Value Disclosures - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Fair Value Disclosures [Abstract]
Asset Impairment Charges	$ 0	$ 0

Fair Value Disclosures - Assets

Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis and Nonrecurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 17,358	$ 27,044
Derivative Liability	(527)	0
Level 1 [Member] | Assets and Liabilities Measured at Fair Value on a Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Derivative Liability	0	0
Deferred Premium	0
Fair Value, Net Asset (Liability)	0	0
Level 1 [Member] | Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Retirement Obligations Fair Value Disc	0	0
Impairment of proved oil and gas properties		0
Level 2 [Member] | Assets and Liabilities Measured at Fair Value on a Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	26,305	27,044
Derivative Liability	(6,847)	0
Deferred Premium	0
Fair Value, Net Asset (Liability)	19,458	27,044
Level 2 [Member] | Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Retirement Obligations Fair Value Disc	0	0
Impairment of proved oil and gas properties		0
Level 3 [Member] | Assets and Liabilities Measured at Fair Value on a Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Derivative Liability	0	0
Deferred Premium	(2,627)
Fair Value, Net Asset (Liability)	(2,627)	0
Level 3 [Member] | Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Retirement Obligations Fair Value Disc	$ 66	3,171
Impairment of proved oil and gas properties		$ 30,206

Fair Value Disclosures Summary

Fair Value Disclosures Summary of Changes in assets (liabilities) - Level 3 (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance of Level 3 at beginning of period	$ 0	$ 0
Derivative deferred premiums - purchases	(4,068)	0
Derivative deferred premiums - settlements	1,441	0
Balance of Level 3 at end of period	$ (2,627)	$ 0

Asset Retirement Obligations -

Asset Retirement Obligations - Changes in Asset Retirement Obligations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Asset Retirement Obligation [Roll Forward]
Asset retirement obligation - beginning of period			$ 7,363	$ 3,942	$ 3,942
Liabilities incurred for new wells and interests			53		3,171
Asset Retirement Obligation, Revision of Estimate			13		0
Accretion expense	$ 93	$ 59	185	$ 111	250
Asset retirement obligation - end of period	$ 7,614		$ 7,614		$ 7,363

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Apr. 02, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 250	$ 250
Senior secured revolving facility, expiring date		Nov. 5, 2018
Line of Credit Facility, Current Borrowing Capacity			$ 220	$ 240
Borrowings under the facility secure by liens		not less than 80%
Revolving credit facility borrowings, outstanding	$ 200	$ 200
Minimum current ratio required under credit facility		1
Average effective rate	2.95%
Minimum [Member]
Line of Credit Facility [Line Items]
Margin		0.75%
Unused portion of borrowing base, percentage fee		0.375%
Maximum [Member]
Line of Credit Facility [Line Items]
Leverage ratio required under credit facility		4
Margin		1.75%
Unused portion of borrowing base, percentage fee		0.50%
Federal Funds Effective Swap Rate [Member]
Line of Credit Facility [Line Items]
Federal fund effective rate		0.50%
London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Federal fund effective LIBOR		1.00%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Applicable margin rate		1.75%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Applicable margin rate		2.75%

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Detail) - 6 months ended Jun. 30, 2015 - USD ($) $ in Millions	Total
Other Commitments [Line Items]
Employment agreements expiration date	Aug. 1, 2014
Employment Agreements [Member]
Other Commitments [Line Items]
Employment agreements beginning date	Aug. 1, 2011
Minimum [Member]
Other Commitments [Line Items]
Employee agreement termination payments	$ 0.8
Maximum [Member]
Other Commitments [Line Items]
Employee agreement termination payments	$ 1.4

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Jul. 22, 2015	May. 14, 2015	May. 05, 2015	Feb. 13, 2015	Jun. 30, 2015	Dec. 31, 2014
Equity [Line Items]
Owners Equity					29,655,804	29,166,112
Limited partnership interest					98.80%
Maximum Proceeds Under Equity Distribution Agreement			$ 50
Distribution to unitholders, payment date		May 14, 2015		Feb. 13, 2015
Distributions
Equity [Line Items]
Cash distribution	$ 0.125
Cash distribution on annualized basis	$ 0.50
Distribution to unitholders, payment date	Aug. 13, 2015
Distribution to unitholders, record date	Aug. 6, 2015
Distribution to holders	$ 3.8

Equity - Summary of Cash Distri

Equity - Summary of Cash Distributions (Detail) - USD ($) $ / shares in Units, $ in Thousands	May. 14, 2015	Feb. 13, 2015
Equity [Abstract]
Date Paid	May 14, 2015	Feb. 13, 2015
Period Covered	January 1, 2015 - March 31, 2015	October 1, 2014 - December 31, 2014
Distribution per Unit	$ 0.125	$ 0.125
Total Distribution	$ 3,752	$ 3,752

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Millions	Total	Total
Related Party Transaction [Line Items]
Direct administrative expenses incurred and reimbursed to related party	$ 0.8	$ 1.7
Mid-Con Energy Operating [Member]
Related Party Transaction [Line Items]
Other transactions of related party	$ 1.2	1.2
Payment of joint interest billing		0.9
Payment of operating services		$ 0.3

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Jul. 22, 2015	May. 14, 2015	Feb. 13, 2015	Jun. 30, 2015
Subsequent Event [Line Items]
Distribution to unitholders, payment date		May 14, 2015	Feb. 13, 2015
Distributions
Subsequent Event [Line Items]
Cash distribution	$ 0.125
Cash distribution on annualized basis	$ 0.50
Distribution to unitholders, payment date	Aug. 13, 2015
Distribution to unitholders, record date	Aug. 6, 2015
Distribution to unit holders	$ 3.8
Share-based Compensation Award, Tranche One [Member] | Distributions
Subsequent Event [Line Items]
Vesting Percentage	33.00%
Share-based Compensation Award, Tranche Two [Member] | Distributions
Subsequent Event [Line Items]
Vesting Percentage	66.00%
Unrestricted Common Units [Member] | Share-based Compensation Award, Tranche Two [Member]
Subsequent Event [Line Items]
Common units authorized - issuance				202,000
Unrestricted Common Units [Member] | Share-based Compensation Award, Tranche Two [Member] | Distributions
Subsequent Event [Line Items]
Common units authorized - issuance	54,551
Equity-Settled Phantom Units [Member] | Distributions
Subsequent Event [Line Items]
Common units authorized - issuance	46,500
Vesting period	3 years
Equity-Settled Phantom Units [Member] | Share-based Compensation Award, Tranche Two [Member] | Distributions
Subsequent Event [Line Items]
Common units authorized - issuance	69,000
Vesting period	2 years