Constellation Energy Partners LLC (NYSE MKT: CEP) says that its lenders have completed a semi-annual review of the company’s borrowing base pursuant to the terms of its reserve-based credit facility. Based on this review, the company’s borrowing base has been increased from $55.0 million to $70.0 million.
Borrowings outstanding under the company’s reserve-based credit facility currently total approximately $52.0 million, leaving the company with $18 million in borrowing capacity. The company maintained $2.9 million in cash and equivalents as of May 5.
Constellation Energy Partners is a limited liability company focused on the acquisition, development, and production of oil and natural gas properties, as well as related midstream assets.