Finance & Investing | Fundraising | Capital Markets
Callon's Borrowing Base Increased by 20% to $300 Million
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Callon Petroleum Company announced that the borrowing base under its senior secured revolving credit facility was increased to $300 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 encouraged by the outcome of our recent redetermination process which we believe to be a reflection of the quality of our Permian Basin position and the economics associated with our continued investment. We also appreciate the continued support of our entire bank group and their commitment to partner with us as we continue to add to our proved reserve base. This increased level of liquidity, combined with our focus of attaining self-funding status under our current drilling program in 2016, provides us with the flexibility required to prudently grow in a volatile environment."
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