Pioneer Energy Services has amended its existing senior secured revolving credit facility and reduced its borrowing base to $175 million. According to an 8-K filing, Wells Fargo was administrative agent for the transaction.

“We are pleased to have closed on this amendment that provides Pioneer with adequate liquidity and financial flexibility to navigate the current market conditions,” said William Stacy Locke, Pioneer’s president and CEO.

“We remain committed to reducing debt to maintain a strong and flexible balance sheet and are also continuing to high-grade our drilling fleet by monetizing non-strategic assets when possible. We currently have $95 million outstanding and $17.3 million in committed letters of credit under the revolving credit facility,” Locke said.

The availability of credit will be based on a borrowing base comprised of certain eligible cash, accounts receivables, inventory and equipment. At this time, the values of the company’s eligible assets are sufficient to meet the full $175 million revolver capacity.

Pioneer Energy Services provides contract land drilling services to oil and gas operators in Texas, the Mid-Continent and Appalachian regions and internationally in Colombia through its Drilling Services Segment. Pioneer also provides well, wireline, and coiled tubing services to producers in the U.S. Gulf Coast, offshore Gulf of Mexico, Mid-Continent and Rocky Mountain regions through its Production Services Segment.