Northern Oil and Gas (NOG) entered into an amended and restated credit agreement governing its reserves-based revolving credit facility with Wells Fargo, as administrative agent, and a syndicate of 14 lenders. The borrowing base under the facility has been increased to $1.3 billion from $850 million. The facility maturity has been extended from November 2024 to June 2027. NOG has chosen to increase the elected commitment amount to $850 million from $750 million.
“I would like to thank our bank syndicate for their support and confidence in our business,” Chad Allen, CFO of NOG, said. “Our substantial reserve base has supported a material step up in our borrowing base, elected commitment and importantly, an extension well into 2027.”
