Print Lario Oil & Gas Company today announced that it has entered into a $600 million credit facility with Wells Fargo Securities, LLC, J.P. Morgan Securities, LLC, and a syndicated group of banks. The facility will provide additional financial flexibility as the company seeks to continue to grow and expand its drilling programs in the Permian Basin, the Bakken/Three Forks and Mid-Continent regions.
"We are pleased to announce the closing of our new $600 million credit facility with Wells Fargo, J.P. Morgan and an impressive group of additional lenders," said Mike O'Shaughnessy, Lario's President and Chief Executive Officer. "Lario has multiple rigs running on both our North Dakota and Mid-Continent properties, and we are eager to expand our asset base in the Permian as horizontal drilling and hydraulic fracturing continue to unlock the area's vast resources."
Wells Fargo and J.P. Morgan acted as joint lead arrangers on the credit facility. A syndicate of eight banks participated in the financing which include Bank of America, US Bank, BB&T, BBVA Compass, Comerica, and Regions Bank. Wells Fargo will act as Administrative Agent. Vinson & Elkins provided legal counsel to Lario.
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