Black Ridge Oil & Gas Inc. (OTC: ANFC) increased the borrowing base under its credit facility to $50 million, up from $43 million, the company said April 23.
The increase is partly based on a year-end 2013 adjustment that included a $2 million increase in the Cadence Bank N.A. senior secured credit facility. A $5 million increase in the term loan from Chambers Energy Management LP was also included in the adjustment, the company added.
These increases raised the facilities’ amounts from $18 million to $20 million and from $25 million to $30 million, respectively, Black Ridge said.
As of March 31, Black Ridge has drawn $38.9 million from these facilities, the company added.
The year-end 2013 adjustment was based on a reserve report prepared by Netherland Sewell & Associates Inc., the company noted.
Ken DeCubellis, Black Ridge's CEO, commented, "The $7 million increase in our borrowing base reflects the quality and continued growth of our assets. We plan to use increases in availability under these facilities as well as cash flow from operations to execute and accelerate our growth strategy."
The next adjustment to the borrowing base is scheduled for June 30, the company said, noting that the Dec. 13, 2013 determination came alongside a $20.6 million acquisition.
Minnetonka, Minn.-based Black Ridge Oil & Gas Inc. operates in the Williston Basin and Three Forks areas.
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