EXHIBIT 99.1

Mid-Con Energy Partners, LP Announces Second Quarter 2012 Results

DALLAS, August 7, 2012 – Mid-Con Energy Partners, LP (NASDAQ: MCEP) (“Mid-Con Energy”) announced today its operating and financial results for the second quarter ended June 30, 2012.

Mid-Con Energy highlighted the following achievements for the second quarter of 2012:

The following table reflects selected operating and financial results for the second quarter of 2012, compared to the second quarter of 2011 and first quarter of 2012. Mid-Con Energy’s consolidated financial statements can be found in supplemental tables of this press release.

“Mid-Con Energy is encouraged by its second quarter results, particularly, the continued ramp-up in production,” commented Craig George, Executive Chairman of the Board. “We believe that the benefits received from capital spending programs currently underway and small bolt-on acquisitions will only further compliment the organic growth profile inherent in many of our waterfloods.”

Second Quarter 2012 Results

Production volumes for the second quarter of 2012 were 159 thousand barrels of oil equivalent (MBoe), or approximately 1,747 Boe per day on average. In comparison, Mid-Con Energy’s production volumes for the second quarter of 2011 were 97 MBoe, or approximately 1,066 Boe per day on average, and production volumes for the first quarter of 2012 were 155 MBoe, or approximately 1,703 Boe per day on average. Growth in production compared to the prior year has largely been the result of extensive development programs during 2011. As shown by June 2012’s average daily production of approximately 1,844 Boe per day, Mid-Con Energy continues to see favorable response from its waterflood units as it increases injection.

Oil and natural gas sales, excluding the effect of realized commodity derivatives, were approximately $13.8 million in the second quarter of 2012, representing a $4.7 million increase from $9.1 million in the second quarter of 2011.

Cash settlements received for realized commodity derivatives during the second quarter of 2012 totaled $0.9 million compared to $0.6 million paid during the second quarter of 2011.

Lease operating expenses, which included ad valorem taxes, were $2.8 million, or $17.47 per Boe, in the second quarter of 2012, compared to $1.9 million, or $19.67 per Boe, in the second quarter of 2011. An increase in the total number of producing wells and additional workover expenses related to the repair of certain wells equated to higher lease operating expenses in the aggregate. However, the incremental production received from these new wells and ongoing response to water injection resulted in lower lease operating expenses per Boe.

Production taxes were $42,000 in the second quarter of 2012, compared to $0.3 million in the second quarter of 2011. The decrease in production taxes was attributable to a $0.5 million one-time adjustment related to the Enhanced Recovery Project Gross Production Tax Exemption for one of Mid-Con Energy’s Southern Oklahoma waterflood units.

General and administrative expenses were $1.2 million in the second quarter of 2012, compared to $0.4 million in the second quarter of 2011 primarily due to higher professional fees necessary to comply with public reporting requirements and incremental costs related to the hiring of additional staff.

Adjusted EBITDA for the second quarter of 2012 was $10.7 million, compared to $6.2 million in the second quarter of 2011. Distributable Cash Flow for the second quarter of 2012 was $9.3 million after subtracting $0.3 million in cash interest expense and $1.1 million in estimated maintenance capital expenditures.

Mid-Con Energy will report net income of $22.4 million, or $1.24 per limited partner unit, for the second quarter of 2012. This includes $14.5 million of unrealized gains from commodity derivatives. In comparison, net income during the second quarter of 2011 was $8.3 million, or $0.46 per limited partner unit, and included $2.2 million of unrealized gains from commodity derivatives.

Hedging Update

Mid-Con Energy enters into various commodity derivative contracts intended to achieve more predictable cash flows and reduce its exposure to fluctuations in the price of oil. Mid-Con Energy’s hedging program objective is to protect its ability to make distributions, including growth, while retaining some ability to participate in upward moves in price. Mid-Con Energy uses a phased approach, looking at least 36 months forward while targeting a higher amount of hedges in the near 12 months. The partnership will continued to hedge on a disciplined basis, while also hedging opportunistically when prices are favorable. Mid-Con Energy’s commodity derivatives are

primarily designed to provide a fixed price (swaps) or range of prices between a price floor and a price ceiling (collars). The following table reflects the volumes of Mid-Con Energy’s production covered by commodity derivative contracts and the average prices at which the associated production is hedged:

Acquisitions

In the second quarter ended June 30, 2012, Mid-Con Energy acquired, in unrelated transactions, certain oil properties and additional working interests in its Southern Oklahoma and Northeastern Oklahoma core areas for approximately $16.4 million in the aggregate, subject to post-closing adjustments. Proved reserves purchased in the acquisitions totaled approximately 0.6 million barrels of oil equivalent (MMBoe) and current production added was approximately 115 Boe per day. These transactions were funded through a combination of existing cash and borrowings under the senior secured revolving credit facility (the “revolving credit facility”).

Liquidity Update

As of June 30, 2012, Mid-Con Energy’s liquidity of $46.0 million consisted of $4.0 million in cash and cash equivalents and $42.0 million of available borrowings under the revolving credit facility, which had a borrowing base of $100.0 million at quarter end.

On April 23, 2012, the borrowing base was increased to $100.0 million from $75.0 million, a 33% increase, under the existing $250.0 million revolving credit facility. Wells Fargo Bank, N.A. joined the lender group as a participant with this increase.

Guidance Update

Estimates and tables represented in this section are subject to all the cautionary statements and limitations described under the “Forward-Looking Statements” caption at the end of this press release.

Mid-Con Energy’s initial outlook for the fiscal year ending December 31, 2012 was set forth in its final prospectus dated December 16, 2011 and filed in connection with its initial public offering. However, based on factors that have changed since then, such as (i) recent fluctuations in commodity prices, specifically declines in the price of oil, (ii) adjustments to production forecasts related to the acquisition of certain properties and additional working interests, and (iii) adjustments to production forecasts related to drilling programs, management has determined it appropriate to provide updated guidance for the remainder of fiscal year 2012.

Accordingly, the following table highlights these assumptions for the fiscal quarters ending September 30, 2012 and December 31, 2012.

Cash Distributions

As announced on July 25, 2012, the Board of Directors of Mid-Con Energy’s general partner declared a cash distribution of $0.475 per unit for the second quarter of 2012, or $1.90 per unit on an annualized basis. The distribution will be payable on August 14, 2012 to unitholders of record as of the close of business on August 7, 2012.

Quarterly Report on Form 10-Q

Certain financial results included in this press release and related footnotes will be available in Mid-Con Energy’s June 30, 2012 Quarterly Report on Form 10-Q, which will be filed on or before August 14, 2012.

Earnings Conference Call

Mid-Con Energy’s management will host a conference call on Wednesday, August 8, 2012 at 10:00 a.m. EDT (9:00 a.m. CDT) to discuss operating and financial results. Interested parties are invited to participate via telephone by dialing 1-877-847-5946 (Conference ID: 95035549) at least five minutes prior to the scheduled start time of the call, or via webcast by clicking on “Events & Presentations” in the Investor Relations section of the Mid-Con Energy website at www.midconenergypartners.com.

A replay of the conference call will be available through August 15, 2012 by dialing 1-855-859-2056 (Conference ID: 95035549). In addition, a webcast archive will be made available at 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 www.midconenergypartners.com or 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 and subsidiaries

Consolidated Balance Sheet (Unaudited)

(in thousands)

Mid-Con Energy Partners, LP and subsidiaries

Consolidated Statements of Operations (Unaudited)

(in thousands, except per unit data)

Mid-Con Energy Partners, LP and subsidiaries

Consolidated 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 management to describe financial performance with external users of Mid-Con Energy’s 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

Matthew Lewis

Associate

(972) 479-5984

mlewis@midcon-energy.com