Bank of Montreal Agents Warren Resources Facility Increase
Warren Resources announced that that the syndicate of lenders underwriting its $300 million senior secured credit facility has increased the conforming borrowing base to $165 million as a result of completing the fall 2013 semi-annual redetermination.
As of December 17, 2013, Warren has $94.5 million of debt outstanding under its credit facility, leaving $70.5 million available. The next borrowing base redetermination is scheduled for the spring of 2014.
Stewart Skelly, Warren’s vice president and chief financial officer, commented, “We appreciate the continuing support of our lender group and, in particular, the efforts and commitment from our syndicate agent bank, the Bank of Montreal.”
Warren Resources 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.