Evolution Petroleum Corp. - 2016-04-13
Entered into a new three-year senior secured credit facility with MidFirst Bank of Oklahoma City. The new facility replaces the unsecured credit facility that was set to mature on April 29. The initial borrowing base was set at $10 million. There are no outstanding borrowings under the new facility, which has standard financial covenants and will have semiannual borrowing base redeterminations. Proceeds from the new facility will support acquisition and development of oil and gas properties, letters of credit and other general corporate purposes.