FX Energy reported it finalized a new five-year, up to EUR 90 million ($99 million) senior reserve based lending facility. BNP Paribas acted as coordinating mandated lead arranger. ING Bank acted as mandated lead arranger. The initial commitment of the facility is EUR 55 million ($60 million).

FX Energy can seek additional commitments up to EUR 90 million ($99 million) through the new lending facility via an “embedded accordion mechanism.” The initial borrowing base is EUR 45.1 million ($49.6 million). The new agreement replaces the $100 million facility that was put in place in July 2013.

Clay Newton, FX Energy’s vice president of Finance, commented, “We are pleased to continue our banking relationship with BNPP and ING. While the strong U.S. dollar and lower oil and gas prices in Europe have resulted in a reduction in our exploration activities in Poland, the new credit facility and ongoing relationship with BNPP and ING will help us to maintain our operations there.”

FX Energy is an independent oil and gas exploration and production company with production in the U.S. and Poland.