EV Energy Partners LP (EVEP) said Oct. 8 it has entered into an amendment to its senior secured credit facility to increase the borrowing base by $125 million to $625 million.
Additionally, the Houston company's debt to EBITDAX ratio covenants were amended.
The company currently has more than $425 million of available liquidity in undrawn borrowing base and cash, said Michael Mercer, president and CEO.
"Given the volatility in commodity markets and the uncertainty over its duration, securing access to capital and maintaining sufficient liquidity are among EVEP's top priorities and we appreciate the continued support of our bank group in this process," Mercer said in a statement.
The next scheduled redetermination is April 2016.
Recommended Reading
VAALCO Energy Updates Canadian Drilling Campaign Results
2024-05-30 - VAALCO Energy drilled four 2.75-miles wells, apparently in the Western Canadian Sedimentary Basin.
Petrobras Awards Subsea 7 a Large Contract Offshore Brazil
2024-05-30 - Under the contract, which is valued at over $1.25 billion, Subsea 7 will develop the Búzios 9 field in Brazil’s Santos Basin.
Salunda Secures Multi-year Jackup Contract in Middle East
2024-05-29 - The contract is the organization’s first jack-up installation in the Middle East.
Oceaneering’s New AUV Successfully Inspects TotalEnergies Pipeline
2024-05-29 - Oceaneering’s Freedom AUV pilot test reduces time, emissions in pipeline inspection campaign for TotalEnergies.
TotalEnergies FIDs Two Developments Offshore Brazil
2024-05-28 - TotalEnergies took FID for two developments offshore Brazil in the prolific Santos Basin where the French energy giant expects its equity production to soon exceed 200,000 boe/d.