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Panhandle Oil & Gas has reported that its line-of-credit borrowing base was redetermined by the banks and reduced from $80 million to $70 million due to their lowered outlook for natural gas prices.
The current outstanding balance is $38.0 million. Current availability under the line is $32.0 million and combined with approximately $6.5 million in cash, the total liquidity is $38.5 million.
This level is expected to provide ample liquidity for the Company to continue to execute its normal operating strategies.
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Borrowing Base Cut
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