Alta Mesa lenders cut borrowing base to $255 million after asset sale

By Susanna Moon

Chicago, Oct. 2 – Alta Mesa Holdings, LP amended its credit agreement with Wells Fargo Bank, NA as administrative agent on Sept. 30, according to an 8-K filing with the Securities and Exchange Commission.

The borrowing base under the facility was dropped to $255 million as a result of the sale of the company’s membership interests in Alta Mesa Eagle, LLC on Sept. 30, and the agreement was amended to permit the sale and the release of Alta Mesa as a guarantor from the facility.

Proceeds from the divestiture were used to pay down the facility.

The total debt outstanding under the facility is about $157.7 million and the company has about $97.3 million in borrowing base availability under the facility.

Alta Mesa is a Houston-based onshore oil and gas exploration and production company.

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