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Sanchez Energy Corporation announced that its lenders have completed their regularly scheduled semi-annual review of the Company's borrowing base.
As a result of this review, the borrowing base under the credit facility has been set by the Company's lenders at $350 million. Elected commitments remain unchanged at $300 million, and the Company currently has no debt outstanding under the credit facility.
Tony Sanchez, III, Chief Executive Officer of Sanchez Energy, said: "We continue to benefit from the support of a strong bank group. Despite today's more challenging commodity price environment, our borrowing capacity is unchanged as a result of our lenders' spring borrowing base redetermination, which we believe is a testament to the quality of our asset base, financial discipline, and an active hedging program. We are thankful for the efforts of our bank group in completing the spring redetermination and for their on-going support."
The Company anticipates that its next regularly scheduled borrowing base redetermination will occur in the fourth quarter 2016.
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