Chaparral Energy Announces Borrowing Base Increase
CHAPARRAL ENERGY INC (CHAP)
Last chaparral energy inc earnings: 3/11 04:45 pm
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Source: GlobeNewswire
OKLAHOMA CITY, Dec. 10, 2018 (GLOBE NEWSWIRE) -- Chaparral Energy, Inc. (NYSE: CHAP) announced today the company’s bank group has completed its regularly scheduled fall borrowing base redetermination. Fall Redetermination Highlights Increased credit facility from $400 to $750 millionIncreased borrowing base from $265 to $325 millionReduced pricing grid by 50 basis pointsChanged hedge capacity to 80% of internally forecasted production for the first 24 months Additionally, the company named Royal Bank of Canada (RBC) as its new administrative agent. Chaparral currently has no borrowings under the credit facility. The company’s next semi-annual borrowing base redetermination will be in the spring of 2019. “We are very pleased with the outcome of our fall borrowing base redetermination,” said Chaparral Chief Executive Officer Earl Reynolds. “The continued support we have received from our banks and their recognition of our premier STACK assets provides us with the financial flexibi
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