Kraken Resources closes new $530 million credit facility

Chicago, Dec. 17 – Kraken Resources LLC closed on a new syndicated credit facility with a $530 million borrowing base on Nov. 17, according to a press release on Thursday.

BOK Financing is the administrative agent.

The three-year facility had unanimous support from the existing lending syndicates of the company’s three predecessor entities: Kraken Oil & Gas LLC, Kraken Oil & Gas II, LLC and Kraken Oil & Gas III LLC.

Wells Fargo Bank, NA is the technical agent and the syndication agent.

Well Fargo Securities, LLC was the left lead arranger for the syndication of the credit facility.

The new facility, with an increase in the company’s total equity commitment from funds managed by Kayne Anderson Capital Advisors, LP, provide the company with the capital to pursue high-quality acquisition opportunities in the Williston Basin.

Kraken Resources is a Houston-based, private energy company focused on the acquisition and development of oil and gas assets throughout the Williston Basin.

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