Tulsa’s Mid-Con Energy recently extended its credit agreement with Wells Fargo Bank but with a decrease of the borrowing base from $110 million to $95 million.
The maturity date was extended to May 1, 2021 and the credit included a borrowing cap of $85 million. It also requires Mid-Con Energy to have a consolidated funded indebtedness to consolidated EBITDAX of less than 3.0 to 1.0 to make any borrowings above the borrowing cap.
The next regularly scheduled Borrowing Base redetermination will occur in the spring of 2020.