Wells Fargo Agents Carrizo Oil Facility Amendment
Carrizo Oil & Gas announced that its banking syndicate, led by Wells Fargo as administrative agent, has completed the company’s semi-annual borrowing base redetermination, resulting in an increase to the borrowing base from $570 million to $675 million. However, the company has elected to limit the lenders’ aggregate commitment to $585 million. The lenders’ aggregate commitment can be increased to the full $675 million by increasing the commitment of one or more lenders. The next redetermination of the borrowing base is expected in the spring of 2015.
Houston-based Carrizo Oil & Gas is an energy company actively engaged in the exploration, development and production of oil and gas from resource plays located in the United States.