Capital Markets
Panhandle's Borrowing Base Cut by $40 Million
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Panhandle Oil and Gas Inc. reported that its bank group, per normal mid-year cycle timing, has set the borrowing base under its credit agreement at $80 million.
One year ago, Panhandle had a borrowing base of $120 million.
The current outstanding balance under the facility is $50 million. The facility matures on Nov. 30, 2018. Covenants and terms of the loan agreement remained unchanged, and the Company continues to be in compliance with all covenants. The borrowing base was set based on bank pricing in effect at May 1, 2016.
Michael C. Coffman, President and CEO, said, "We appreciate the continuing support of our bank group. The liquidity available to Panhandle from the credit agreement, along with our monthly cash flow from operations, position the Company to continue to focus on our…
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