Roan Resources, Inc. in Oklahoma City has wrapped up its Fall 2018 Borrowing Base redetermination process for its Credit Facility.
The company says all participating lenders consented to a Borrowing Base increase to $675 million from $425 million.
The lender group also agreed to a London Interbank Offered Rate spread of 200 to 300 basin points which is lower by 25 basis points.
“Completing the fall redetermination process is another step highlighting our execution on our 2018 objectives and provides visibility to funding the 2019 development program,” said Tony Maranto, Chairman and Chief Executive Officer. “The Borrowing Base has increased substantially from the $200 million level at the origination of the Credit Facility just one year ago, all while maintaining an industry leading credit profile, which we see as a testament to the quality of our asset base.”
The redetermination came a few days after the company became publicly traded on Tuesday following the end of a yearlong move to become its own company.
Roan Resources plans to use the additional money to focus on development, exploration and acquisition of unconventional oil and natural gas reserves in the Merge, SCOOP and STACK plays of the Anadarko Basin in Oklahoma.