Exploration & Production | Capital Markets | Private Equity Activity
Earthstone Expands Credit Facility for Bakken Activity
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Earthstone Energy Inc. reported that, on December 21, 2012, it established a new bank credit facility with The Bank of Oklahoma, located in Denver, Colorado.
This facility replaces the Company's previous line-of-credit with American National Bank that expired on December 31, 2010. Under the terms of its new loan agreement the Company has a twenty five million dollar (25,000,000) line of credit with an initial borrowing base of six million dollars (6,000,000). The loan facility is collateralized by some of the Company's producing properties. The loan agreement is set to expire on December 20, 2017.
"We are pleased to now have 25 million in new funding with which to grow our Company," commented Ray Singleton, President of Earthstone. "While we have prided ourselves on a debt-free balance…
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