PDC Energy announced that it has extended the maturity of its revolving credit facility by two years to May 2020. The borrowing base has been re-affirmed at $700 million of which the company has elected to keep its commitment level at $450 million.

According to a related news release, the lender group is led by JPMorgan Chase as administrative agent.

Chief financial officer Gysle Shellum stated, “We are very pleased with the support of our bank group and its agreement, given the current market conditions, to not only re-affirm our current borrowing base, but extend the maturity of the revolving credit facility by two years.”

Denver, CO-based PDC Energy is a domestic independent exploration and production company that produces, develops, acquires and explores for crude oil, natural gas and NGLs with operations in the Wattenberg Field in Colorado and in the Utica Shale in southeastern Ohio.