Chaparral Energy Announces Borrowing Base Increase
2018年12月10日 - 11:00PM
Chaparral Energy, Inc. (NYSE: CHAP) announced today the company’s
bank group has completed its regularly scheduled fall borrowing
base redetermination.
Fall Redetermination Highlights
- Increased credit facility from $400 to $750 million
- Increased borrowing base from $265 to $325 million
- Reduced pricing grid by 50 basis points
- Changed hedge capacity to 80% of internally forecasted
production for the first 24 months
Additionally, the company named Royal Bank of Canada (RBC) as
its new administrative agent. Chaparral currently has no borrowings
under the credit facility. The company’s next semi-annual borrowing
base redetermination will be in the spring of 2019.
“We are very pleased with the outcome of our fall borrowing base
redetermination,” said Chaparral Chief Executive Officer Earl
Reynolds. “The continued support we have received from our banks
and their recognition of our premier STACK assets provides us with
the financial flexibility to adjust to changing market conditions.
With our deep inventory of high-return STACK drilling prospects,
strong balance sheet and increased borrowing base, we will be able
to continue to deliver outstanding results in one of America’s most
active and economic regions.”
About Chaparral Chaparral Energy (NYSE: CHAP)
is an independent oil and natural gas exploration and production
company headquartered in Oklahoma City. Founded in 1988, Chaparral
is a pure-play operator focused in Oklahoma’s highly economic STACK
Play, where it has approximately 127,000 net acres primarily in
Kingfisher, Canadian and Garfield counties. The company has
approximately 265,000 net surface acres in the Mid-Continent
region. For more information, visit chaparralenergy.com.
Investor
ContactJoe Evans Chief Financial
Officer405-426-4590joe.evans@chaparralenergy.com |
Media
ContactBrandi Wessel Communications
Manager405-426-6657brandi.wessel@chaparralenergy.com |
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