Oasis Petroleum revolver increased to $1.53 billion, extended to 2020

By Angela McDaniels

Tacoma, Wash., April 14 – Oasis Petroleum Inc. amended its credit agreement on Monday in order to extend the maturity date of the credit facility, increase the commitment amounts of the lenders and provide for the scheduled redetermination of the borrowing base, according to an 8-K filing with the Securities and Exchange Commission.

The maturity date of the credit facility was extended to April 2020 from April 2018, provided that the company's 2019 senior notes are retired or refinanced 90 days prior to the maturity of the notes.

The elected commitments were increased to $1,525,000,000 from $1.5 billion.

Additionally, the lenders under the company’s revolving credit facility completed their regular semiannual redetermination of the borrowing base scheduled for April 1. Following the redetermination, the company’s borrowing base was set at $1.7 billion.

The next redetermination of the borrowing base is scheduled for Oct. 1.

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

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