Atlas Resource looks to expand borrowing base under revolving facility

By Jennifer Chiou

New York, May 7 - Atlas Resource Partners, LP announced that it is working with its lending group to expand the borrowing base on its revolving credit facility in connection with its agreement to acquire low-decline oil and natural gas liquids reserves in northwest Colorado for $420 million.

According to a news release, the transaction is expected to close in the second quarter 2014, with an effective date of April 1.

Atlas said it is looking to expand the borrowing base because of the expected increased level of oil and gas reserves resulting from the acquisition.

Deutsche Bank Securities acted as financial advisor for Atlas.

The company is a Philadelphia-based exploration & production master limited partnership.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.