Exhibit 99.1

Mid-Con Energy Partners, LP Announces Full Year and Fourth Quarter 2011 Results, 2011 Year End Proved Reserves, 2012 Outlook and Updated Hedge Positions

DALLAS, March 6, 2012 – Mid-Con Energy Partners, LP (NASDAQ: MCEP) (“Mid-Con Energy”) announced today its preliminary financial and operating results for the full year and quarter ended December 31, 2011.

Mid-Con Energy highlighted the following 2011 achievements:

“We are pleased to report that Mid-Con Energy’s production, reserves and financial measures have increased substantially in 2011, reflecting the success of our waterflood projects as well as favorable commodity prices,” noted Craig George, Executive Chairman of the Board. “Our outlook for growth in production volumes continues to be driven organically in the near term and we anticipate that acquisitions from our affiliates and third parties will complement our growth in the longer term,” Craig said.

Full Year 2011 Results

Production volumes of Mid-Con Energy and our predecessor for the twelve months ended December 31, 2011 were 434 thousand Boe (MBoe) or 1,191 Boe per day. In comparison, our production volumes of our predecessor for the twelve months ended December 31, 2010 were 260 MBoe or 710 Boe per day. This 68% increase in average daily production was primarily due to (i) ongoing waterflood response, (ii) successful execution of drilling programs in our waterflood units and (iii) acquisition of properties located in the Hugoton Basin area.

During 2011, we drilled 48 gross (31 net) development wells, predominantly in our Southern Oklahoma core area. Approximately 25% of these were injection wells and the remainder were producing wells.

Oil and natural gas sales, excluding the effect of commodity derivatives, were $38.0 million. This represented a 108% increase from $18.3 million in 2010, due to higher realized oil prices and increased production.

Excluding the effect of commodity derivatives, our average realized oil price in 2011 was $90.45 per barrel (Bbl), up 22% from the 2010 average realized oil price of $73.92 per Bbl. Our 2011 average realized price for natural gas of $7.43 per thousand cubic feet (Mcf) included the sale of natural gas liquids and remained essentially unchanged compared to that in the prior year period.

Mid-Con Energy paid cash settlements for realized commodity derivatives during 2011 totaling $2.2 million, or $5.30 per Bbl, compared to $0.1 million, or $0.39 per Bbl, paid during 2010. The foregoing cash settlements paid in 2011 included a $1.5 million charge to unwind certain commodity derivatives and replace them with positions at more favorable prices prior to our initial public offering.

Lease operating expenses, which included ad valorem taxes, were $8.5 million, or $19.56 per Boe, in 2011 compared to $6.2 million, or $23.99 per Boe, in 2010. While an increase in the number of producing wells resulted in higher total operating expenses, increased production received from these wells resulted in a lower operating expense per Boe.

General and administrative expenses increased $0.9 million to $1.9 million in 2011, compared to $1.0 million in 2010, primarily due to non-recurring professional fees of approximately $0.5 million; including those related to our initial public offering and to comply with public reporting requirements, as well as $0.4 million in incremental personnel costs stemming from the hiring of additional staff.

Adjusted EBITDA for 2011 was $24.0 million, $13.4 million above 2010 Adjusted EBITDA of $10.6 million. Net of $0.5 million in cash paid for interest and $3.1 million in estimated maintenance capital expenditures, our distributable cash flow for 2011 was $20.4 million.

For 2011, Mid-Con Energy will report net income of $19.0 million or $1.05 per limited partner unit. This included $3.4 million of unrealized gains from commodity derivatives and a $1.6 million non-cash gain from the sale of assets, which was partially offset by higher operating costs and expenses. In comparison, 2010 net income of $1.1 million, or $0.06 per limited partner unit, included $0.7 million of unrealized losses from commodity derivatives and a $1.9 million impairment charge primarily associated with proved oil and natural gas properties related to unfavorable market conditions. The carrying values of the impaired proved properties were reduced to fair value.

Fourth Quarter 2011 Results

Production volumes of Mid-Con Energy and our predecessor for the fourth quarter of 2011 were 136 MBoe, or 1,481 Boe per day. In comparison, our production volumes for the same period during the prior year were 75 MBoe, or 819 Boe per day.

Oil and natural gas sales, excluding the effect of commodity derivatives, were $12.0 million in the fourth quarter of 2011, representing a $6.2 million increase from $5.8 million in the fourth quarter of 2010.

Our average realized oil price in the fourth quarter of 2011, excluding the effect of commodity derivatives, was $90.35 per Bbl, up 13% from our fourth quarter of 2010 average realized oil price of $80.34 per Bbl.

Cash settlements paid for realized commodity derivatives during the fourth quarter of 2011 totaled $1.4 million or $10.45 per Bbl, including a $1.5 million charge to unwind certain commodity derivatives and replace them with positions at more favorable prices prior to our initial public offering. Cash settlements paid during the fourth quarter of 2010 were less than $5,000.

Lease operating expenses, which included ad valorem taxes, were $2.5 million, or $18.68 per Boe, in the fourth quarter of 2011, compared to $1.6 million, or $21.11 per Boe, in the fourth quarter of 2010.

General and administrative expenses were $1.4 million in the fourth quarter of 2011, compared to $0.3 million in the fourth quarter of 2010, primarily due to non-recurring professional fees of approximately $0.4 million; including those related to our initial public offering and to comply with public reporting requirements, as well as $0.4 million in incremental personnel costs stemming from the hiring of additional staff.

Adjusted EBITDA for the fourth quarter of 2011 was $6.0 million, compared to $3.8 million in the fourth quarter of 2010. Distributable cash flow for the fourth quarter of 2011 was $5.7 million, compared to $3.4 million in the fourth quarter of 2010.

Mid-Con Energy will report a net loss of $3.0 million, or ($0.17) per limited partner unit, during the fourth quarter of 2011. This included $6.0 million of unrealized losses from commodity derivatives. In comparison, net loss during the fourth quarter of 2010 was $0.5 million, or ($0.03) per limited partner unit, and included $0.9 million of unrealized losses from commodity derivatives and a $1.9 million impairment charge primarily associated with proved oil and natural gas properties related to unfavorable market conditions. The carrying values of the impaired proved properties were reduced to fair value.

Year End 2011 Estimated Net Proved Reserves

Mid-Con Energy’s year end 2011 estimated net proved reserves were 10.0 MMBoe, representing a 2.8 MMBoe or 39% increase, compared to 2010 estimated net proved reserves. Reserves as of December 31, 2011 were categorized as 99% oil and 69% proved developed, both on a Boe basis.

At December 31, 2011, the standardized measure of our estimated net proved reserves was $328.2 million. The standardized measure represents the present value of estimated future net revenue to be generated from the production of proved reserves, determined in accordance with the rules and regulations of the SEC, without giving effect to non-property related expenses, such as general and administrative expenses, debt service and future federal income tax expense, or to depreciation, depletion and amortization, and then discounted using an annual rate of 10 percent. Given our status as a limited partnership, we do not make any provision for federal income tax expense in the calculation of standardized measure.

The following table shows estimated proved oil reserves as of December 31, 2011, based on a letter report from Cawley, Gillespie & Associates, Inc., our independent petroleum engineers, regarding its audit of a reserve report prepared by our internal reserve engineers.

2012 Outlook

The following outlook is subject to all the cautionary statements and limitations described under the “Forward-Looking Statements” caption at the end of this press release.

Management is reaffirming its fiscal 2012 outlook set forth in our Final Prospectus filed on December 16, 2011 (the Final Prospectus). This includes our 2012 estimated annual production volumes of 678 MBoe, or 1,852 Boe per day, representing a 55% increase, compared to 2011 production of 1,191 Boe per day. The following table reflects certain estimates and assumptions per our Final Prospectus and estimated growth and maintenance capital expenditures per the December 31, 2011 reserve report:

(in thousands, except for per Boe metrics)

These estimates and assumptions reflect management’s best judgment based on current and anticipated market conditions and other factors at the filing of the Final Prospectus. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and certainties that are beyond our control.

For additional details regarding our fiscal 2012 outlook and estimates, please refer to sections “Mid-Con Energy Partners, LP Statement of Estimated Adjusted EBITDA” and “Assumptions and Considerations” contained within our Final Prospectus available under the “Investor Relations – SEC Filings” portion of our website at http://www.midconenergypartners.com or http://www.sec.gov.

Hedging Update

The following table reflects the volumes of our production covered by commodity derivative contracts and the average prices at which the production is hedged:

Liquidity Update

As of December 31, 2011, our liquidity of $30.2 million consisted of $0.2 million in cash and cash equivalents and $30.0 million of available borrowings under our revolving credit facility, which has a current borrowing base of $75.0 million.

Cash Distributions

As announced on January 26, 2012, Mid-Con Energy’s board of directors of its general partner approved a cash distribution of $0.057 per unit for the fourth quarter of 2011. This represented the initial quarterly distribution amount of $0.475 per unit, prorated for the partial period after the closing date of the initial public offering, December 21, 2011 through December 31, 2011. The distribution was paid on February 13, 2012 to unitholders of record as of February 6, 2012.

Annual Report on Form 10-K and Unitholders’ Schedule K-1

The financial results included in this press release are preliminary and subject to adjustments to our final audited financial statements and related footnotes, which will be available on or before March 14, 2012 in our 2011 Form 10-K.

Additionally, our unitholders’ Schedule K-1 for the tax year 2011 will be available for download on our website during the week of March 12, 2012. Any questions related to your Schedule K-1 should be directed to Mid-Con Energy Tax Package Support at 1-855-886-9760.

Conference Call

As announced on February 24, 2012, Mid-Con Energy’s management will host a conference call on Wednesday, March 7, 2012 at 10:30 a.m. EST (9:30 a.m. CST) to discuss operating and financial results. Interested parties are invited to participate via telephone by dialing 1-877-847-5946 (Conference ID: 55918629) at least five minutes prior to the scheduled start time of the call, or via webcast through the investor relations section of the Mid-Con Energy website at http://www.midconenergypartners.com.

A replay of the conference call will be available through March 14, 2012 by dialing 1-855-859-2056 (Conference ID: 55918629). Also, a webcast archive will be made available at http://www.midconenergypartners.com.

About Mid-Con Energy Partners, LP

Mid-Con Energy is a Delaware limited partnership formed in July 2011 to own, operate, acquire, exploit and develop producing oil and natural gas properties in North America, with a focus on the Mid-Continent region of the United States. Mid-Con Energy’s core areas of operation are located in Southern Oklahoma, Northeastern Oklahoma and parts of Oklahoma and Colorado within the Hugoton Basin.

Forward-Looking Statements

This press release includes “forward-looking statements” — that is, statements related to future, not past, events within meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate,” “believe,” “estimate,” “intend,” “expect,” “plan,” “project,” “should,” “goal,” “forecast,” “guidance,” “could,” “may,” “continue,” “might,” “potential,” “scheduled,” or “will” or other similar words. These forward-looking statements involve certain risks and uncertainties and ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. For further discussion of risks and uncertainties, you should refer to Mid-Con Energy’s filings with the Securities and Exchange Commission available at http://www.midconenergypartners.com or http://www.sec.gov. Mid-Con Energy undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement and other SEC filings.

These forward–looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which may include statements about our:

Mid-Con Energy Partners, LP

Statements of Operations (Unaudited)

(in thousands, except per unit data)

Mid-Con Energy Partners, LP

Consolidated Balance Sheet (Unaudited)

(in thousands)

Mid-Con Energy Partners, LP

Statements of Cash Flows (Unaudited)

(in thousands)

Non-GAAP Financial Measures

This press release, financial tables and other supplemental information include “Adjusted EBITDA” and “Distributable Cash Flow”, each of which are non-generally accepted accounting principles (“Non-GAAP”) measures used by our management to describe financial performance with external users of our financial statements.

The partnership believes the non-GAAP financial measures described above are useful to investors because these measurements are used by many companies in its industry as a measurement of financial performance and are commonly employed by financial analysts and others to evaluate the financial performance of the partnership and to compare the financial performance of the partnership with the performance of other publicly traded partnerships within its industry.

Adjusted EBITDA and Distributable Cash Flow should not be considered an alternative to net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP.

Adjusted EBITDA is defined as net income (loss) plus:

Less:

Distributable Cash Flow is defined as Adjusted EBITDA less:

Reconciliation of Net Income to Adjusted EBITDA and Distributable Cash Flow

(in thousands)

CONTACT:

Jeff Olmstead

President and Chief Financial Officer

(972) 479-5980

jolmstead@midcon-energy.com