Oklahoma City-based Roan Resources, Inc. announced it is getting more borrowing ability from its revolving credit facility.
The borrowing base for the independent drilling company was upsized by $75 million to $750 million.
As of the end of the fourth quarter 2018, Roan had $6.9 million of cash on the balance sheet and $514.6 million drawn on its revolving credit facility, for total net debt (non-GAAP) of $507.7 million.
Roan currently has no other outstanding debt or letters of credit, which provides the Company with approximately $240 million of available liquidity as of December 31, 2018, on a pro forma basis, which fully funds the 2019 development program.
Roan is an independent oil and natural gas company headquartered in Oklahoma City, OK focused on the development, exploration and acquisition of unconventional oil and natural gas reserves in the Merge, SCOOP and STACK plays of the Anadarko Basin in Oklahoma.