Gastar Exploration Inc. (NYSE MKT: GST) increased the borrowing base under its revolving credit facility by $25 million, the company said Aug. 13.
The borrowing base’s amount is now $145 million, and the company has drawn $20 million under the facility, Gastar said, noting that now, the unused borrowing capacity stands at $125 million.
"Cash on hand, internally generated cash flow and available borrowings under our revolving credit facility should give Gastar more than adequate liquidity to fund our recently expanded 2014 capital expenditures budget. The previously announced $32 million increase in our budgeted capital spending is a direct reflection of our successful drilling efforts in the first half of 2014 and our continuing ability to identify additional reserves and increase production in both our Appalachia and Midcontinent plays," said Michael A. Gerlich, CFO.
Houston-based Gastar Exploration Inc. develops and produces domestic oil, natural gas and NGL.
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