Finance & Investing | Fundraising | Capital Markets
Callon Reaffirms $250 Million Borrowing Base
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Callon Petroleum Company announced that the borrowing base under its senior secured revolving credit facility remained unchanged at $250 million following its lenders' regularly scheduled semi-annual redetermination process. There were no other changes to the terms of the credit facility resulting from this borrowing base redetermination.
Fred Callon, Chairman and CEO, commented, "We are pleased that our credit facility's borrowing base remained unchanged following the recent redetermination cycle, despite the substantial decreases in commodity prices over the last few months. This level of credit availability not only reflects the growth in our proved reserves since the previous review process, but also the pace and magnitude of realized service cost reductions that are benefiting our operations. We remain well-positioned financially to execute on our core development program in the Midland Basin and add reserves at attractive investment costs."