Midstates Petroleum Extends Jake Brace’s Employment Agreement to Include Transition Period

TULSA, Okla.–(BUSINESS WIRE)–Midstates Petroleum Company, Inc. (NYSE: MPO) (“Midstates” or the
“Company”) today announced that the Board of Directors has entered into
an amendment to its executive employment agreement with Frederic F.
(Jake) Brace, Midstates’ current President and Chief Executive Officer.
The amendment extends the term of the agreement from its current
termination date of October 21, 2017 until April 21, 2018 and revises
the duties of Mr. Brace to include service in a transitional capacity
following the appointment by the Company of a replacement President and
Chief Executive Officer. Additional details of the amendment are
included in a Form 8-K filed today with the Securities and Exchange
Commission.

Alan Carr, Chairman of the Board of Midstates, commented, “Jake has been
and continues to be a strong leader. His hard work and commitment during
his time at Midstates has been instrumental to the Board. Thanks in part
to Jake’s efforts, Midstates is a significantly stronger company. We
appreciate Jake’s assistance as we transition the Company to a
longer-term leadership profile.”

About Midstates Petroleum Company, Inc.

Midstates Petroleum Company, Inc. is an independent exploration and
production company focused on the application of modern drilling and
completion techniques in oil and liquids-rich basins in the onshore U.S.
The Company’s operations are currently focused on oilfields in the
Mississippian Lime play in Oklahoma and the Anadarko Basin in Texas and
Oklahoma.

Contacts

Midstates Petroleum Company, Inc.
Jason McGlynn, 918-947-4614
Investor
Relations
[email protected]