Warren Resources announced that the syndicate of lenders underwriting the Company’s $300 million senior secured credit facility has increased the conforming borrowing base to $145 million as a result of completing the spring 2013 semi-annual redetermination.
According to an 8-K filing, Bank of Montreal is the administrative agent for the lender group.
As of May 17, 2013, Warren has $89.5 million of debt outstanding under its credit facility, leaving $55.5 million available. The next borrowing base redetermination is scheduled for November 2013.
Timothy A. Larkin, Warren’s executive vice president and chief financial officer, commented, “We appreciate the continuing support of our lender group and, in particular, the efforts and commitment from our syndicate agent bank, the Bank of Montreal.”
Warren Resources is an independent energy exploration, development and production company that uses advanced technologies to explore, develop and produce domestic on-shore oil and natural gas reserves.