Wells Fargo Ups KOG Facility, Funds Acquisition
Kodiak Oil & Gas announced that it used its amended credit facility, led by Wells Fargo Bank, to finance its acquisition of core Bakken and Three Forks producing properties and undeveloped leasehold in the Williston Basin from Liberty Resources, a Denver-based private oil and gas company.
The amended and restated credit agreement increases the company’s borrowing base and aggregate commitments under its existing senior secured revolving line of credit facility to $1.1 billion. This compares to the prior-level borrowing base of $650 million. Upon closing of the acquisition, the company’s borrowings under the credit facility were $976 million.
Denver-based Kodiak Oil & Gas is an independent energy exploration and development company focused on exploring, developing and producing oil and natural gas primarily in the Williston Basin in the U.S. Rocky Mountains.
To read the entire KOG news release, click here.