Kolibri Global Energy and its indirect, wholly-owned subsidiary, BNK Petroleum, obtained an increase in its borrowing base from $25 million to $40 million on its revolving line of credit from BOK Financial. The current outstanding amount drawn on the credit facility is $18.2 million.
“We are very pleased to have BOKF’s continued support and belief in our project and our team as we accelerate the development of our Tishomingo field,” Wolf Regener, president and CEO of Kolibri, said. “This 60% increase in our borrowing base provides us more flexibility and supports our production and cash flow growth initiatives.”
The increase in available borrowing capacity gives BNK Petroleum the ability to draw down an additional $21.8 million for the further development of the company’s Tishomingo field in Oklahoma. The credit facility provides for interest only payments until the June 2026 maturity date, with bi-annual scheduled reserve redeterminations.
