Granite Ridge Resources, a scaled, non-operated oil and gas exploration and production company, completed its semi-annual borrowing base redetermination and entered into a third amendment to its existing credit agreement governing its revolving credit facility.
The amended credit agreement increased the borrowing base from $275 million to $300 million, raised the aggregate elected commitments by 25% to $300 million, appointed Bank of America as successor administrative agent and L/C issuers, and expanded the lender syndicate by adding nine new banks.
The next regularly scheduled bank redetermination for the company is scheduled to occur during the fall of 2024.
“Today marks a significant milestone for Granite Ridge as we announce increases in our borrowing base and elected commitments of 9% and 25%, respectively, and the addition of nine banks to our syndicate,” Luke Brandenberg, president and CEO of Granite Ridge Resources, said. “This expansion is a testament to our financial strength and provides additional liquidity and flexibility to support our growing business. We appreciate the confidence of our existing banking relationships, and we are excited to welcome our new banking partners.”
