Daily News: July 9, 2012

Societe Generale Increases Abraxas Borrowing Base to $140 Million


Abraxas Petroleum said in filing that it entered into an amendment to its senior secured credit facility with Societe Generale, as administrative agent and issuing lender, and certain other lenders, to increase its borrowing base to $140 million. At June 29, 2012, the company had $15 million of availability under the credit facility.

The company said the increased borrowing base will remain in effect until the earliest of (a) the sale of its interest in the Eagle Ford joint venture;(b) the date on which the borrowing base is re-determined based upon the company