Northern reaffirms borrowing base at $550M

Northern Oil and Gas Inc.'s (NYSE MKT: NOG) bank syndicate group has reaffirmed and maintained the existing $550 million borrowing base under Northern's revolving credit facility during the semi-annual redetermination period. 

In addition, the bank group agreed to amend certain financial covenants. The 4.0x total debt to EBITDAX covenant was removed and replaced with a secured debt to EBITDAX ratio. The new covenant requires Northern to maintain a ratio of secured debt to EBITDAX of no greater than 2.5 to 1.0.

The next redetermination of the borrowing base is scheduled for Oct. 1.

Northern’s core area of focus is in the Williston Basin Bakken/Three Forks shale play 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


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...