Matador lifts borrowing base to $280 million, expects more increases

By Marisa Wong

Madison, Wis., June 6 - Matador Resources Co.'s wholly owned subsidiary, MRC Energy Co., entered into a second amendment to its amended and restated senior secured revolving credit agreement to increase the borrowing base to $280 million from $255 million, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The second amendment, completed on June 4, also increases the conforming borrowing base to $245 million from $220 million.

The borrowing base was increased based on the lenders' review of the company's proved oil and natural gas reserves at March 31.

The company made a similar amendment in March, increasing the borrowing base to $255 million from $215 million and the conforming borrowing base to $220 million from $180 million.

As of June 5, the company had outstanding borrowings of $230 million, according to a press release.

Matador said in the release that it expects additional increases to its borrowing base due to anticipated increases in its proved oil and gas reserves throughout 2013.

The oil and gas company is based in Dallas.

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