GE Energy Financial Services Provides $200MM to Oil & Gas Field
GE Energy Financial Services arranged a senior secured revolving credit facility for All American Oil & Gas to refinance debt and fund reserve development in the Bakersfield, CA Kern River Oil Field. The $200 million facility — with a $131 million initial borrowing base — was provided to oil and gas exploration and production company Kern River Holdings, a wholly-owned subsidiary of All American Oil & Gas.
GE Energy Financial Services served as administrative agent and, through its GE Capital Markets, affiliate, acted as lead arranger and book runner.
The Kern River Oil Field is the second largest oil field in the state and fifth largest in the U.S., with cumulative production exceeding 2.2 billion barrels of oil to date and current production of 70,000 barrels of oil per day.
Carl Peterson, a managing director and head of energy lending at GE Energy Financial Services, said, “We are impressed with the management team and historical performance at Kern River Holdings, and look forward to helping the company grow with efficient capital solutions.”