Callon Petroleum entered into an amended and restated credit agreement with respect to its senior secured revolving credit facility, which was co-arranged by JPMorgan Chase Bank, Capital One, Citibank and The Bank of Nova Scotia.

The agreement extended the maturity date of the facility until May 25, 2022, increased the borrowing base by 30% to $650 million and increased the maximum commitments of the lenders from $500 million to $2 billion.

The 30% increase in the borrowing base amount reflects the significant reserve growth from the company’s existing Midland Basin assets in addition to the contribution from its recently acquired Delaware Basin assets. In addition, the amended and restated credit agreement provides Callon the ability to elect the amount of the aggregate commitments under the facility up to the amount of the borrowing base then in effect. Callon has initially elected an aggregate commitment amount of $500 million.

The bank syndicate includes four new lending institutions for a total of 17 participating banks. Callon currently has no outstanding borrowings under the facility. Callon is an independent energy company focused on the acquisition, development, exploration and operation of oil and gas properties in the Permian Basin in West Texas.