Earthstone sets borrowing base under revolver at $275 million

By Sarah Lizee

Olympia, Wash., April 1 – Earthstone Energy, Inc. said the regularly scheduled redetermination of the borrowing base under its senior secured revolving credit facility has been completed with the borrowing base now set at $275 million.

This represents a 15% decrease from the previous borrowing base of $325 million, according to a press release.

The next regularly scheduled redetermination of the borrowing base is on or around Nov. 1.

As of March 31, the company had outstanding borrowings under its credit facility of $152 million, which represents a reduction of 11% compared to the $170 million in outstanding borrowings as of Dec. 31. The company’s only debt is borrowings under the credit facility.

Earthstone is an oil and gas company based in The Woodlands, Tex.

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