Kodiak Oil & Gas Corp. (KOG), an oil and gas exploration and production company with primary assets in the Williston Basin of North Dakota, announced an increase in its borrowing base.
The Company and its lending syndicate completed a borrowing base special redetermination for the first lien credit facility, which resulted in additional $150 million in borrowing base capacity. As a result of this redetermination, the borrowing base for Kodiak's $750 million first lien credit facility is now $375 million.
As of August 2, 2012, the Company's long- term debt was $820 million consisting of $800 million in senior notes and $20 million in borrowings under its credit facility. Kodiak's working capital was $20.1 million at June 30, 2012. The Company expects to maintain low cash and cash equivalent balances going forward, as short-term liquidity needs are satisfied by borrowings under its first lien credit facility.
Recommended Reading
Stice: Diamondback’s Small Company Culture Suits Big M&A Appetite
2024-05-01 - Diamondback Energy CEO Travis Stice tells analysts that the company’s nimble nature is among its top qualities, allowing for rapid growth and the successful integration of Endeavor Energy this year.
Enterprise Targets FID for SPOT Project by End of 2024
2024-05-01 - Enterprise Products Partners’ co-CEO disputed capex figures reported in the media regarding its Sea Port Oil Export Terminal.
SilverBow Makes Horseshoe Lateral in Austin Chalk
2024-05-01 - SilverBow Resources’ 8,900-foot lateral was drilled in Live Oak County at the intersection of South Texas’ oil and condensate phases. It's a first in the Chalk.
Comstock Adds Four Whopper Wildcats; Takes Western Haynesville to 450K
2024-05-01 - Comstock Resources' four newest wells, which IP’ed at more than 35 MMcf/d, were landed at up to 19,400 feet total vertical depth.
Analyst: Exxon Mobil, Pioneer Deal Close Likely ‘Imminent’
2024-05-01 - With approval from the Federal Trade Commission, Exxon Mobil could close its $59.5 million acquisition of Pioneer Natural Resources after more than six months of review.