Matador Resources increased its borrowing base from $400 million to $450 million. Royal Bank of Canada served as administrative agent for the transaction.

“Matador ended the first quarter with approximately $210 million in cash on hand and no borrowings under our credit facility, which, along with our anticipated cash flows, puts Matador in a very strong and well-funded financial and capital position to execute our drilling and midstream programs throughout the remainder of 2017,” said Joseph Wm. Foran, Matador’s chairman and CEO.

“In addition, this past week, we were pleased to have our lenders increase the borrowing base under our credit facility from $400 million to $450 million. Although we chose to keep the ‘elected borrowing commitment’ at $400 million at this time, it is gratifying to us that our bank group continues to recognize the quality of our ever-growing Delaware Basin reserves base and to provide us with strong support for our growth plans.”

According to a related 8-K filing, Royal Bank of Canada also served as a lender and issuing lender. Bank of America, SunTrust, Bank of Nova Scotia, BMO Haris and Wells Fargo are in the lender group.