Matador Resources unit lifts revolver borrowing base to $450 million

By Marisa Wong

Madison, Wis., Sept. 8 – Matador Resources Co. subsidiary MRC Energy Co. entered into an amendment to its revolving credit agreement dated Sept. 28, 2012 on Friday, according to an 8-K filing with the Securities and Exchange Commission. Matador is the guarantor.

The amendment increases the borrowing base to $450 million from $385 million and increases the conforming borrowing base to $375 million from $310 million from $275 million.

The increases were based on the lenders’ review of the company’s proved oil and natural gas reserves at July 31.

Matador said it expects future increases to its borrowing base as the result of anticipated increases in its proved oil and natural gas reserves during the remainder of 2014.

As of Monday, the company had outstanding borrowings of $210 million.

The Dallas-based independent energy company engages in the exploration, development, production and acquisition of oil and natural gas resources.

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