Midstates Petroleum Announces Closing of the Sale of Dequincy Assets in Louisiana and Schedules Date for First Quarter 2015 Earnings Release

Midstates Petroleum Company, Inc. (NYSE: MPO) (the “Company”) announced today the closing of the previously announced sale of ownership interest in developed and undeveloped acreage in the Dequincy area located in Beauregard and Calcasieu Parishes, Louisiana for $44 million to Pintail Oil and Gas LLC. The net proceeds were approximately $42 million, which was net of customary closing adjustments. The proceeds from the sale will be used to pay down a portion of the outstanding borrowings under the Company’s revolving credit facility and for general corporate purposes.

First Quarter Earnings Release

Midstates also announced today that it expects its first quarter 2015 earnings release will be issued on Wednesday, May 6, before the open of trading on the NYSE. The Company will not be holding a conference call in conjunction with the release, but an updated investor handout will be posted to its web site, www.midstatespetroleum.com.

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.