New Source Energy Partners Increases Borrowing Base
New Source Energy Partners announced that it entered into an amendment that increases the borrowing base under its revolving credit facility to $75 million from the prior level of $60 million.
New Source had $48 million of debt outstanding under its credit facility, leaving $27 million now available for use with the increased base. The redetermination for the borrowing base occurs twice annually.
Kristian B. Kos, president and CEO of New Source Energy GP, commented, “The pace of our drilling program in the Hunton Reservoir has been rapidly increasing. With $75 million in borrowing capacity at attractive rates under our revolving credit facility, we are well positioned to continue to expand and execute on our strategic plan.”
New Source Energy is an independent energy company focusing on delivery through streamlined operations and vertically integrated infrastructure.