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Wells Fargo, Union Bank Lead Alta Mesa’s Borrowing Base Increase

August 11, 2014, 05:59 AM
Filed Under: Energy

Alta Mesa Holdings, L.P. announced that its lenders have completed a redetermination of the Company's borrowing base. Pursuant to the terms of the reserve-based revolving line of credit facility, the borrowing base has been increased by the lenders to $350 million. This represents an increase of $65 million over the previous level of $285 million.

Alta Mesa is in compliance with all of the financial covenants associated with the credit facility and the next scheduled redetermination of the borrowing base is November 1, 2014. The credit facility is available to provide funds for the exploration, development and/or acquisition of oil and gas properties and for working capital and other general corporate purposes. The credit facility is provided by a syndicate of ten banks agented by Wells Fargo Bank, N.A. and co-agented by Union Bank, N.A.
Alta Mesa Holdings, LP is a privately held company engaged in onshore oil and natural gas acquisition, exploitation, exploration and production.

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