Capital Markets | Credit Facility Change
Earthstone Energy Sees $100MM Increase to Borrowing Base
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Earthstone Energy Inc. announced that it has entered into an amendment to its senior secured revolving credit facility under which the borrowing base has been increased from $550 million to $650 million in connection with its regularly scheduled semi-annual redetermination.
As of August 31, 2021, we had an estimated $1.2 million in cash and $286.6 million of long-term debt outstanding under our Credit Facility.
Adjusted for the increase in the borrowing base to $650 million, we had $363.4 million of undrawn borrowing base capacity and $1.2 million in cash, resulting in total liquidity of approximately $364.6 million.
Robert J. Anderson, Earthstone's President and CEO, commented, "We greatly appreciate the continued support of our lending group as we have been successfully executing our strategy of consolidating assets to increase scale and efficiency this year. The increase in our borrowing base is a result of the Company's successful drilling so far in 2021, our previously announced Eagle Ford acquisitions which closed in May and June of this year, and the improvement in commodity prices. We believe that our continued operational focus and acquisition activity emphasizing low-cost, high-margin producing assets is building significant shareholder value. We will remain committed to our longstanding financial discipline as we continue these efforts."
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