According to a related 8-K filing, the amendment also reallocated the commitments and outstanding loans of the lenders.
With $73.5 million drawn on the facility as of March 31, 2018, proforma availability stood at $116.5 million.
Lonestar’s CEO Frank D. Bracken III, commented, “The results of our drilling program have outpaced our expectations, as exhibited in our first quarter 2018 results, and now is reflected in the fact that the member banks in our senior secured facility have reviewed our results and substantially increased our borrowing base. The borrowing base increase gives us substantial liquidity to run our business, and we expect continued growth in our borrowing base as we bring more wells onstream.”
Lonestar is an independent oil and natural gas company, focused on the development, production and acquisition of unconventional oil, natural gas liquids and natural gas properties in the Eagle Ford Shale in Texas.