Exhibit 99.1

4400 POST OAK PARKWAY SUITE 1900 HOUSTON, TEXAS 77027

PRESS RELEASE FOR IMMEDIATE ISSUANCE

MIDSTATES PETROLEUM ANNOUNCES FIRST QUARTER 2014 RESULTS

HOUSTON — May 6, 2014 — Midstates Petroleum Company, Inc. (“Midstates” or the “Company”) (NYSE: MPO) today announced its financial and operating results for the three months ended March 31, 2014.

Highlights:

·                  Achieved Adjusted EBITDA of $111.3 million, up 97% from $56.5 million for the first quarter of 2013.

·                  Increased production to a new high, averaging 32,450 barrels of oil equivalent (Boe) per day for the month of April 2014, including record Mississippian Lime production of 19,800 Boe per day.  First quarter production averaged 29,004 Boe per day, which was reduced by a total of 2,300 Boe per day due to severe winter weather, as experienced by other Mid-Continent operators.

·                  Reaffirmed full year 2014 production guidance of 32,000 to 35,000 Boe per day, pro forma for the Pine Prairie disposition.

·                  Achieved all expense and cost guidance for the first quarter.

·                  Reduced Cash Operating Expenses to $40.9 million ($15.67 per Boe) from $42 million in the fourth quarter of 2013.

·                  Incurred lease operating expense of $20.1 million ($7.71 per Boe), down from $20.2 million in the fourth quarter of 2013.

·                  Reduced general and administrative expense by $1.3 million to $11.7 million ($4.48 per Boe) compared with $13 million in the fourth quarter of 2013.

·                  Closed the sale of the Pine Prairie portion of the Company’s Gulf Coast properties on May 1, 2014 for approximately $150 million in net proceeds.

·                  Increased liquidity to approximately $200 million post closing of the Pine Prairie sale.

·                  Reconfirmed target of long-term debt to Adjusted EBITDA of 3.5 at year end 2014 versus 4.4 at year end 2013.

·                  Reported Adjusted Net Income of $8.3 million, or $0.13 per share, compared with Adjusted Net Income of $5 million, or $0.08 per share, in the fourth quarter of 2013.

Dr. Peter J. Hill, Midstates’ Interim President and Chief Executive Officer commented, “We are pleased with these results, which reflect the progress we are making both with our operational performance and financial position despite a difficult winter.  As part of our strategy to deliver improved financial stability, we plan to balance annual capital spending with Adjusted EBITDA.  Normalized for the sale of Pine Prairie, we now expect both 2014 capital investment and Adjusted EBITDA to range between $500 to $550 million, based on production guidance of 32,000 to 35,000 Boe per day, which yields an annual growth rate of approximately 40%.  This reflects our focus on value growth, financial stability and capital efficiency.  Importantly, we have embarked on a rigorous internal review focused on high-grading and valuing our contingent resource base, where we see significant additional gross well locations beyond what we have previously identified.  The 2014 drilling campaign reflects strategic investments in our core asset base, which has the growing potential to unlock both locations and enhanced ultimate recovery across our properties, providing shareholders with attractive risk-adjusted returns and significant net asset value.  Our current approach and discipline gives us the ability to fund both our 2014 and 2015 capital programs from internally generated sources.”

(Adjusted EBITDA, Adjusted Net Income and Cash Operating Expenses are non-GAAP financial measures. Each measure is defined and reconciled to the most directly comparable GAAP measure under “Non-GAAP Financial Measures” in the tables below.)

Pine Prairie Asset Divestiture and Capital Structure

In March, Midstates entered into an agreement to sell all of its ownership interest in developed and undeveloped acreage in the Pine Prairie field area in Louisiana to a private buyer.  On May 1, Midstates closed the transaction and received net proceeds of approximately $150 million (after customary purchase price adjustments) of which $131 million was used to reduce the outstanding balance on its revolving credit facility with the balance retained for working capital purposes and transaction expenses.  During the first quarter of 2014, these properties produced approximately 1,925 Boe per day.  The transaction does not include Midstates’ acreage and production in the Dequincy area of Beauregard Parish of western Louisiana, which produced approximately 2,300 Boe per day during the first quarter of 2014, or its acreage associated with the Fleetwood 3-D seismic survey.

Upon closing of the sale on May 1, the arrangements for a temporary $125 million Bridge Facility were terminated.  Post-closing, Midstates’ liquidity totaled approximately $200 million, which included approximately $164 million of available borrowing capacity under its revised $475 million revolving credit facility and approximately $36 million of cash.

Operational Discussion

In the first quarter 2014, Midstates invested $142.7 million of capital, spud 33 wells, fracture stimulated 17 wells originally brought on line as open hole completions in prior quarters, and brought 24 additional wells on line.

Excluding capitalized interest, facilities and other, the breakdown in capital spending is as follows:

Mississippian Lime Update

Production from the Mississippian Lime properties averaged 16,381 Boe per day for the first quarter of 2014.  Midstates experienced significant weather related downtime and, as a result, brought 9 fewer wells on line than expected, all of which are planned to come on line in the second quarter.  Through April, the Company had 146 wells on production for more than 30 days with an average peak 30-day initial production rate of 565 Boe per day as the program continues to deliver high rates of return.  Production for the month of April 2014 in the Mississippian Lime averaged 19,800 Boe per day.

The Company had five rigs drilling in its Mississippian Lime horizontal well program in Woods and Alfalfa Counties, Oklahoma during the quarter.  Midstates spud a total of 18 wells, of which three were producing, 10 were awaiting completion and five were drilling at March 31, 2014.  The Company brought 11 horizontal wells on line and fracture stimulated and brought 17 open hole wells on line during the first quarter.

To exploit the higher rates of return and higher average production it currently achieves in the Mississippian Lime area, Midstates plans to increase its rig count in the area to six rigs during the second quarter 2014, by moving one rig from the Company’s Anadarko Basin program.  The Company now plans to invest approximately $80 to $85 million during the second quarter drilling 21 to 24 new wells and completing wells drilled earlier in the year.

Anadarko Basin Update

The Anadarko Basin also experienced weather related downtime and delayed completions on four wells that will be completed in the second quarter.  Since the close of the Anadarko Basin acquisition on May 31, 2013, 33 Cleveland wells, 12 Marmaton wells, seven Cottage Grove wells, and three Tonkawa wells have been drilled.  Through April, the Company had 26 Cleveland wells on production for more than 30 days and those wells had an average 30-day initial production rate of 374 Boe per day.  Midstates is encouraged by recent well results in its other formations, with a Tonkawa well brought on line in March having an average 30-day peak rate of 851 Boe per day.  Production for April in the area averaged 9,000 Boe per day.

Midstates had five rigs running in the Anadarko Basin area in the first quarter.  The Company spud a total of 15 wells during the period, of which three were producing, seven were awaiting completion and five were drilling at March 31, 2014.  Midstates brought 13 horizontal wells on line during the first quarter, comprised of seven Cleveland wells, two Cottage Grove wells, three Marmaton wells and one Tonkawa well.

As discussed above, the Company will redirect one rig from the Anadarko Basin properties to the Mississippian Lime in the second quarter in response to strong drilling results in the Mississippian Lime.  Midstates now plans to invest approximately $40 to $45 million during the second quarter drilling 12 to 14 new wells and completing wells drilled earlier in the year.

Financial Discussion

Adjusted EBITDA totaled $111.3 million in the first quarter of 2014, compared with $56.5 million in the first quarter of 2013 and $118.6 million in the fourth quarter of 2013.

The GAAP net loss of $83.6 million (before preferred dividends) for the first quarter of 2014 includes a full cost ceiling impairment of $86.5 million (before taxes), as compared to a net loss of $7.9 million for the first quarter of 2013 and a net loss of $315.8 million in the fourth quarter of 2013.  Adjusted Net Income, which excludes acquisition and transaction costs, impairment of oil and gas properties, and unrealized gains and losses on derivatives and the related tax impact, totaled $8.3 million for the first quarter of 2014, or $0.13 per share.

Production and Pricing

Production during the first quarter of 2014 totaled 29,004 Boe per day compared to 16,208 Boe per day in the first quarter of 2013 and 31,187 Boe per day during the fourth quarter of 2013.  First quarter 2014 production from the Company’s Mississippian Lime properties contributed roughly 56%, or 16,381 Boe per day, and the Anadarko Basin properties contributed roughly 29%, or 8,376 Boe per day, while Gulf Coast properties contributed the balance of 4,247 Boe per day.  For the total Company, oil volumes comprised 46% of total production, NGLs 21%, and natural

gas 33% during the first quarter, while oil volumes comprised 44%, NGLs 21%, and natural gas 35% of total production during the fourth quarter of 2013.  Natural gas volumes in the first quarter were reduced more significantly than oil volumes due to third party downtime attributable to the first quarter’s extreme winter weather.

In the first quarter of 2014, Midstates’ average realized price per barrel of oil, before realized commodity derivatives, was $96.25 ($87.06 with realized derivatives) while its average realized price for NGL sales, before realized derivatives, was $47.96 per barrel ($47.79 with realized derivatives).  Natural gas averaged $4.86 per thousand cubic feet, before realized derivatives ($4.16 with realized derivatives).  Detailed comparisons of commodity prices by period and region as well as an updated summary of commodity derivative contracts through May 6, 2014 are included in the tables below.

Oil, NGL and natural gas sales revenues, before the impact of derivatives, increased by $76.4 million, or 84%, to $167.1 million during the first quarter of 2014, as compared to $90.7 million for the first quarter of 2013, and by $5.0 million, or 3%, compared to $162.2 million in the fourth quarter of 2013.  The realized loss on derivatives for the first quarter of 2014 was $14.8 million, compared to a realized loss of $5.0 million for the first quarter of 2013 and $1.6 million for the fourth quarter of 2013.

Costs and Expenses

Total Cash Operating Expenses were $15.62 per Boe (excluding the impact of acquisition and transaction costs), compared with $20.29 per Boe in the first quarter of 2013 and $14.61 per Boe in the fourth quarter of 2013.  The increase in per Boe cash costs in the first quarter of 2014 was primarily related to reduced production volumes period over period, as absolute cash costs decreased from the fourth quarter of 2013 to the first quarter of 2014.

Lease operating and workover expenses totaled $20.1 million or $7.71 per Boe in the first quarter of 2014, compared with $13.9 million or $9.51 per Boe in the first quarter of 2013 and $20.2 million or $7.04 per Boe in the fourth quarter of 2013.

General and administrative expenses totaled $11.7 million or $4.48 per Boe compared with $11 million or $7.56 per Boe in the first quarter of 2013, and $13 million or $4.55 per Boe in the fourth quarter of 2013.  First quarter 2014, first quarter 2013 and fourth quarter 2013 general and administrative expenses included non-cash share-based compensation expense of $1.5 million ($0.59 per Boe), $1.2 million ($0.85 per Boe) and $0.8 million ($0.28 per Boe), respectively.

Interest expense totaled $33.9 million (after amounts capitalized) for the first quarter of 2014 as compared to $10.9 million in the first quarter of 2013 and $29.7 million in the fourth quarter of 2013.  The Company capitalized $4.6 million in interest to unproved properties during the first quarter of 2014 as compared to $7.1 million in the first quarter of 2013 and $7.7 million in the fourth quarter of 2013.

During the first quarter, the Company generated a net operating loss carryforward for tax purposes. Due to the Company’s short history as a taxable entity, Midstates was unable to record the related tax benefit in the income statement, which resulted in a low reported effective tax rate.  The Company has about $75 million of such unrecorded net operating loss carryforwards that are available to offset future financial taxable income and at such time, it will recognize a portion of the loss carryforwards to offset the related tax expense.

Conference Call Information

The Company will host a conference call to discuss first quarter results on Wednesday, May 7 at 10:00 am Eastern time.  Participants may join the conference call by dialing (877) 645-4610 (for U.S. and Canada) or (707) 595-2723 (International).  The conference access code is 33836850 for all participants.  To listen via live web cast, please visit the Investor Relations section of the Company’s website, www.midstatespetroleum.com.

An audio replay of the conference call will be available approximately two hours after the conclusion of the call. The audio replay will remain available until May 21 and can be accessed by dialing (855) 859-2056 (for U.S. and Canada) or (404) 537-3406 (International).  The conference call replay access code is 33836850 for all participants. The replay will also be available in the Investor Relations section of the Company’s website approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements that are not statements of historical fact, including statements regarding the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management, and the closing and benefits of the disposition and amended financing arrangements are forward-looking statements. Without limiting the generality of the foregoing, these statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Although the Company believes that its plans, intentions and expectations reflected in or suggested by the forward-looking statements made in this press release are reasonable, the Company gives no assurance that these plans, intentions or expectations will be achieved when anticipated or at all. Moreover, such statements are subject to a number of factors, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These factors include, but are not limited to variations in the market demand for, and prices of, oil and natural gas; uncertainties about the Company’s estimated quantities of oil and natural gas reserves; the adequacy of the Company’s capital resources and liquidity including, but not limited to, access to additional borrowing capacity under its revolving credit facility; costs and difficulties related to the integration of acquired businesses and operations with Midstates’ business and operations; general economic and business conditions; weather-related downtime; failure to realize expected value creation from property acquisitions; uncertainties about the Company’s ability to replace reserves and economically develop its current reserves; risks related to the concentration of the Company’s operations; drilling results; and potential financial losses or earnings reductions from the Company’s commodity derivative positions.

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

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Contact:

Midstates Petroleum Company, Inc.

Danielle Burkhart, Vice President, Investor Relations, (713) 595-9409

Danielle.Burkhart@midstatespetroleum.com

or

Al Petrie, Investor Relations Coordinator, (713) 595-9427

Al.Petrie@midstatespetroleum.com

Midstates Petroleum Company, Inc.

Consolidated Balance Sheets

(In thousands, except share amounts)

(Unaudited)

Midstates Petroleum Company, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

(1)         Includes $14.8 million and $5.0 million of realized losses on commodity derivatives for the three months ended March 31, 2014 and 2013, respectively.

(2)         Includes $1.5 million, or $0.59 per Boe, and $1.2 million, or $0.85 per Boe, of non-cash expenses related to share-based compensation, respectively, for the three months ended March 31, 2014 and 2013.

Midstates Petroleum Company, Inc.

Statement of Stockholders’ Equity

(In thousands, except share amounts)

(Unaudited)

Midstates Petroleum Company, Inc.

Consolidated Statement of Cash Flows

(In thousands)

(Unaudited)

Midstates Petroleum Company, Inc.

Selected Financial and Operating Statistics

(Unaudited)

(1)         Includes $0.59 per Boe and $0.85 per Boe of non-cash expenses related to share-based compensation, respectively, for the three months ended March 31, 2014 and 2013.

Midstates Petroleum Company, Inc.

Summary of Commodity Derivative Contracts as of March 31, 2014

(including any new hedges entered into through May 6, 2014)

(Unaudited)

(1)         The Company enters into swap arrangements intended to fix the positive differential between the Louisiana Light Sweet (“LLS”) pricing and the West Texas Intermediate (“NYMEX WTI”) pricing.

(2)         Includes 1,470,000 Mmbtus in natural gas swaps that priced during the period, but had not cash settled as of March 31, 2014.

(3)         Includes 64,667 Mmbtus in natural gas collars that priced during the period, but had not cash settled as of March 31, 2014.

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA as earnings before interest income, interest expense, income taxes, depreciation, depletion and amortization, property impairments, unrealized commodity derivative gains and losses and non-cash stock-based compensation expense. Adjusted EBITDA is not a measure of net income or cash flows as determined by United States generally accepted accounting principles, or GAAP.

The following tables present a reconciliation of the non-GAAP financial measure of Adjusted EBITDA to the GAAP financial measures of net income (loss) and net cash provided by operating activities, respectively.

Midstates Petroleum Company, Inc.

Adjusted EBITDA

(In thousands)

(Unaudited)

NON-GAAP FINANCIAL MEASURES

The following table provides information that the Company believes may be useful to investors who follow the practice of some industry analysts who adjust reported company earnings to exclude certain non-cash items. Adjusted net income is not a measure of net income as determined by United States generally accepted accounting principles, or GAAP.

The following table provides a reconciliation of net income (GAAP) to adjusted net income (non-GAAP) (unaudited and in thousands).

(1)         The tax impact is computed utilizing the Company’s effective federal and state income tax rates. The income tax rate for the three months ended March 31, 2014 was approximately 3%.

NON-GAAP FINANCIAL MEASURES

The following table provides information that the Company believes may be useful to investors who follow the practice of some industry analysts who adjust operating expenses to exclude certain non-cash items. Cash Operating Expenses is not a measure of operating expenses as determined by United States generally accepted accounting principles, or GAAP.

The following table provides a reconciliation of Operating Expenses (GAAP) to Cash Operating Expenses (non-GAAP) (unaudited and in thousands).