* Buys from Panther Energy and partners Red Willow, Linn
* Purchase to boost output by 8,000 boe/day
* Deal to immediately add to cash flow per share, earnings
* Midstates to raise up to $750 mln; secures $620 mln bridge loan
April 4 (Reuters) - Midstates Petroleum Co Inc said it will buy oil and gas acreage in the Anadarko Basin in Texas and Oklahoma from Panther Energy LLC and its partners Red Willow Mid-Continent LLC and Linn Energy Holdings LLC for $620 million in cash.
The purchase will increase Midstates's daily output by 8,000 barrels of oil equivalent (boe), with oil and natural gas liquids accounting for 67 percent, the company said.
Fourth-quarter average daily production at the Houston-based company was 15,592 boe.
"(The deal) increases our year-end 2012 proved reserves by almost 50 percent, grows our fourth-quarter production by over 50 percent, and nearly doubles our active gross well count," Midstates Chief Executive John Crum said in a statement.
Proved reserves, a measure of the oil and gas a company can feasibly produce, stood at 75.5 million boe at the end of 2012.
The assets will immediately add to cash flow per share and earnings in 2013, the company said.
Midstates plans to finance the acquisition by raising $725 million to $750 million in equity and debt.
The company said it has secured $620 million in bridge loan commitments from Morgan Stanley Senior Funding Inc and SunTrust Robinson Humphrey Inc. The deal is expected to close by May 31.
Morgan Stanley and SunTrust Robinson Humphrey Inc were the financial advisers to Midstates.
Linn signed a deal in May 2011 with Panther Energy and Red Willow Mid-Continent to buy a 40 percent stake in their Texas and Oklahoma oil and gas properties. ()
Shares of Midstates, which has a market value of about $505 million, closed at $7.38 on the New York Stock Exchange on Wednesday.