Bank of Montreal Agents Increase to Warren Resources Facility
Warren Resources, Inc. announced that Bank of Montreal, as syndicate agent, as well as a group of lenders underwriting the company’s $300 million senior secured credit facility has increased the conforming borrowing base to $140 million as a result of completing the Fall 2012 semi-annual redetermination.
As of Dec. 26, 2012, Warren has $99.5 million of debt outstanding under its Credit Facility, leaving $40.5 million available. The next borrowing base redetermination is scheduled for May 2013. The company is in full compliance with all of its debt covenants under the credit facility.
Timothy A. Larkin, Warren’s executive vice president and chief financial officer, commented, “We appreciate the continuing support of our lenders and, in particular, the efforts and commitment from our syndicate agent bank, the Bank of Montreal.”
Warren Resources, Inc. is an independent energy exploration, development and production company that uses advanced technologies to explore, develop and produce domestic on-shore oil and natural gas reserves.