Finance & Investing | Debt | Capital Markets
Evolution Petroleum Enters New $50MM Credit Facility
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Evolution Petroleum Corporation has entered into a new three-year, senior secured reserve-based credit facility with MidFirst Bank of Oklahoma City, Oklahoma.
The $50 million Facility replaces the Company's unsecured credit facility which was set to mature on April 29, 2016. The initial borrowing base was set at $10 million, based on the Company's near term possible requirements, excluding any potential acquisitions, and as of today the Company has no outstanding borrowings under the new facility. The Facility has standard financial covenants, and will have semi-annual borrowing base redeterminations. Proceeds from the Facility may be used for the acquisition and development of oil and gas properties and for letters of credit and other general corporate purposes.
Randy Keys, President…
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