Daily News: April 29, 2013

Toronto Dominion (TX) Led Group Ups W&T Offshore Revolver

W&T Offshore announced it has received an increase in the borrowing base under its revolving credit facility from $725 million to $800 million.

According to SEC filings, the lender group consists of 20 banks that are led by Toronto Dominion (Texas) as administrative agent.

Tracy W. Krohn, W&T Offshore’s chairman and chief executive officer, stated, “The increase in our borrowing base reflects some of the value derived from our 2012 development drilling program, and further improves our liquidity providing us with significant capital to take on new opportunities or execute acquisitions as we find projects that meet our criteria.”

Houston, TX-based W&T Offshore is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and onshore in both the Permian Basin of West Texas and in East Texas.