Black Ridge increases senior secured credit facility borrowing base

Black Ridge Oil & Gas Inc.

Black Ridge Oil & Gas Inc. (OTCQB: ANFC) has reported an increase to the Cadence Bank NA senior secured credit facility borrowing base to $35 million, a 75% increase from the previous borrowing base of $20 million.   

The increase is largely based on the company's production and growth as of the June 30 quarterly filing and concurrent lender reserve analysis. The Cadence credit facility is the least expensive tranche of capital currently available to the company, carrying annual interest rates from 3.0% to 3.5% above LIBOR. 

In connection with the increase in the senior secured credit facility, and in consideration of the company's projected cash needs, the company and Chambers Energy Management LP reduced the current availability under the Chambers subordinated credit facility by $5 million to $30 million with additional availability to be approved by the lender on an as needed basis for acquisitions. Total availability to the company under the two facilities is $65 million, with $44 million drawn as of June 30.

Black Ridge's focus is exclusive to the Williston Basin Bakken and Three Forks trend in North Dakota and Montana. 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...