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KeyBank Reaffirms Borrowing Base for Diversified Gas & Oil

April 08, 2021, 08:00 AM
Filed Under: Energy

Diversified Gas & Oil announced the Company's bank lending group, led by KeyBank, reaffirmed the existing $425 million borrowing base of the Company's senior secured credit facility with no changes to pricing, covenants or other material terms after completing the Credit Facility's semi-annual redetermination.

Rusty Hutson, Jr., CEO of the Company commented, "Once again, our portfolio of stable-producing wells with long-life reserves complemented by robust hedges and value-enhancing midstream assets garnered a unanimous reaffirmation of our current borrowing base. Ever mindful of the challenging pandemic and related volatility, I would like to thank our sixteen-member bank group for their support of our differentiated business strategy through lending and other services that support our hedging and financing activities. The reaffirmation solidifies our liquidity as we continue to evaluate opportunities to create stakeholder value by enlarging our portfolio of producing and midstream assets over which we can deploy our Smarter Asset Management programs."

The Company's next scheduled redetermination will occur during the fourth quarter of 2021.

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