Oasis Petroleum secures lower interest rate, boost in borrowing base

By Susanna Moon

Chicago, Oct. 6 - Oasis Petroleum Inc. said the borrowing base under its revolving credit agreement has been reset to $350 million from $137.5 million, and interest was lowered to Libor plus 150 basis points to 250 bps, depending on usage.

The facility is now due Oct. 5, 2016, extended from Feb. 26, 2015, and the size of the revolver is $1 billion, up from $600 million.

There is no outstanding debt under the revolver, according to a company press release.

The borrow base is reset semiannually and will next be reviewed for April 1, 2012.

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