Abraxas Petroleum amends loan, lifting borrowing base to $140 million

By Sara Rosenberg

New York, July 3 - Abraxas Petroleum Corp. amended its senior secured credit facility, increasing the borrowing base to $140 million until the earliest of the completion of the sale of the Eagle Ford joint venture, the borrowing base redetermination date or Oct. 31, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Also, the amendment limits capital expenditures for drilling/completion expenditures to $10 million per quarter until the earlier of the end of 2012 or when Eagle Ford is sold.

The amendment was completed on June 29.

Societe Generale is the administrative agent on the deal.

Abraxas is a San Antonio, Texas-based energy company.

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