RMP Ups Credit Facility 27%
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RMP Energy Inc. has reported that based on the annual review of the borrowing base associated with the Company's committed, extendible revolving bank credit facility, the two-bank lending syndicate has increased the credit facility to $140 million from $110 million, a 27% increase.
The credit facility represents the maximum amount that can be borrowed by RMP and is primarily based on the Lender's assessment and analysis of the Company's proved oil and gas reserves, RMP's results of operations, and the Lenders forecasted commodity prices. The next borrowing base re-determination is scheduled for November 2013. The Company has approximately $89 million presently drawn against the credit facility, providing for $51 million of un-utilized borrowing capacity, which further bolsters RMP's…
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