Oasis Petroleum may increase lender commitment to $750 million

By Toni Weeks

San Diego, Oct. 4 - Oasis Petroleum Inc. subsidiary Oasis Petroleum NA LLC completed its semiannual redetermination of the borrowing base for its revolving credit agreement on Oct. 2, according to an 8-K filed Thursday with the Securities and Exchange Commission.

As a result, the company's borrowing base increased to $750 million from $500 million. The company, however, elected to have their lenders' aggregate commitment remain at $500 million.

Subsequently, Oasis amended the agreement to allow the company a future boost in its aggregate commitment to $750 million by increasing the commitment of one or more lenders.

Oasis had no outstanding debt under the revolver as of Oct. 4.

The next redetermination of the borrowing base is scheduled for April 1, 2013.

Oasis is a Houston-based independent oil and gas exploration and production company.

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