Chaparral Energy gets waiver extension, increase to borrowing base

By Marisa Wong

Madison, Wis., Nov. 6 – Chaparral Energy, Inc. entered into a letter agreement to its eighth restated credit agreement to increase the borrowing base to $650 million from $484.5 million, effective Nov. 5, according to an 8-K filing with the Securities and Exchange Commission.

In addition, the agreement extends the waiver of Chaparral’s temporary hedging noncompliance through its borrowing base redetermination scheduled for May 1, 2015.

As of Wednesday, the company had $272 million of outstanding borrowings under the credit facility.

The oil and gas company is based in Oklahoma City.

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