PostRock Ups Borrowing Base by $20 Million
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PostRock Energy Corporation has reported that the borrowing base under its revolving credit facility has been increased to $115 million based on mid-year reserves.
This represents a $20 million increase in the Company's borrowing base.
The credit facility syndicate, which is led by Citibank, includes Cadence Bank, Compass Bank and OneWest Bank as Co-Agents and Texas Capital Bank as a participant. As of October 29, 2013, PostRock had $88.5 million drawn under the credit facility and $1.3 million in letters of credit outstanding, resulting in $25.2 million of available liquidity.
Terry W. Carter, PostRock's President and Chief Executive Officer, said, "We are extremely pleased with the increase to our borrowing base. It is a further testament to the progress made on our development…
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