Oasis Petroleum amends credit agreement, lifts revolver borrowing base

By Toni Weeks

San Luis Obispo, Calif., April 9 - Oasis Petroleum Inc. subsidiary Oasis Petroleum NA LLC amended and restated its credit agreement on April 5 to increase the borrowing based for its revolving credit agreement, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The lenders completed their regular semiannual redetermination of the borrowing base, resulting in an increase in the borrowing base to $1.25 billion from $750 million. The company, however, elected to limit the lenders' aggregate commitment to $900 million, the filing said. The commitment can be increased to the full $1.25 billion with lender support.

With the amendment, the overall credit facility increased to $2.5 billion from $1 billion, according to a press release.

Oasis added four new lenders to the bank group, the release noted.

As of March 31, Oasis had no debt outstanding under its revolving credit facility other than $2.2 million of letters of credit.

The next redetermination of the borrowing based is scheduled for Oct. 1, the filing said.

Oasis is a Houston-based oil and natural gas company.

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