Company plans to advance drilling activities in the Permian Basin, Bakken/Three Forks, Mid-continent regions
Lario Oil & Gas Company has entered into a $600 million credit facility with Wells Fargo Securities LLC, JP Morgan Securities LLC, and a syndicated group of banks. The facility will provide additional financial flexibility as the company seeks to continue to grow and expand its drilling programs in the Permian Basin, the Bakken/Three Forks and Mid-Continent regions.
"We are pleased to announce the closing of our new $600 million credit facility with Wells Fargo, JP Morgan and an impressive group of additional lenders," said Mike O'Shaughnessy, Lario's president and CEO. "Lario has multiple rigs running on both our North Dakota and Mid-Continent properties, and we are eager to expand our asset base in the Permian as horizontal drilling and hydraulic fracturing continue to unlock the area's vast resources."
Wells Fargo and JP Morgan acted as joint lead arrangers on the credit facility. A syndicate of eight banks participated in the financing which include Bank of America, US Bank, BB&T, BBVA Compass, Comerica, and Regions Bank. Wells Fargo will act as Administrative Agent. Vinson & Elkins provided legal counsel to Lario.
Lario Oil & Gas Company is a private family owned company founded in 1927. Over the last 87 years, Lario has operated throughout the US and Canada and continues to operate in many of the most prominent basins in the US including the Williston Basin of North Dakota, the Mid-Continent region of Kansas and Oklahoma, the Permian Basin in West Texas and New Mexico, the Green River Basin in Wyoming, and the Utica/Point Pleasant play in Ohio.