Resolute Energy pays down revolver with proceeds from asset sale

By Marisa Wong

Morgantown, W.Va., Oct. 8 – Resolute Energy Corp. repaid some amounts outstanding under its revolving credit facility using proceeds from an asset sale, according to a press release.

The company announced on Thursday that it closed the sale of its Hilight Field assets in the Powder River Basin to a private party for a purchase price of $55 million.

The company also announced the completion of its fall borrowing base redetermination under the revolver. Reflecting a reduction of $15 million attributable to the Powder River Basin assets sold, the borrowing base was set at $165 million.

As of Sept. 30, the company had $140 million outstanding under its revolver. After the paydown with proceeds from the asset sale, amounts outstanding under the facility were about $85 million, leaving the company with roughly $80 million of availability under the revolver.

Resolute Energy is a Denver-based oil and gas company.

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