Resolute Energy closed a new bank facility with $150 million as the initial borrowing base. The Bank of Montreal served as administrative agent for the transaction.

Rick Betz, Resolute’s CEO, commented, “On February 17, 2017, we closed a new revolving credit facility with an initial borrowing base of $150 million. Coupled with our projected cash flow, we expect that this credit facility and borrowing base will provide ample liquidity to undertake and complete our two rig 2017 Delaware Basin drilling program. Also, effective today, Moody’s Investors Service upgraded Resolute’s Corporate Family Rating to B3 from Caa2, with a stable outlook.”

The new borrowing base was an increase over the company’s previous base of $105 million. In addition, the maturity date of the facility was extended to February 2021 and certain other terms and conditions were modified, including those to reflect the fact that the company extinguished its second lien term loan facility in January 2017. Resolute has no borrowings outstanding on the revolving credit facility.

Resolute is an independent oil and gas company focused on the acquisition and development of unconventional oil and gas properties in the Delaware Basin portion of the Permian Basin of West Texas.