Montage Resources Corporation Announces a $100 Million, 25% Increase, to its Borrowing Base
Montage Resources Corporation (MR)
Last montage resources corporation earnings: 3/5 04:04 pm
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Source: Business Wire
IRVING, Texas--(BUSINESS WIRE)--Montage Resources Corporation (NYSE:MR) (the “Company” or “Montage Resources”) today announced that the lenders in its revolving credit facility have completed the Company’s fall borrowing base redetermination and unanimously approved a 25% increase in the Company’s borrowing base and provided increased commitments from $400 million to $500 million. In addition, the Company has expanded the lending group from 13 to 15 members, which represents a diverse group of financial institutions. With this $100 million increase, the Company’s liquidity, pro forma for the borrowing base redetermination, would have been approximately $353 million as of the end of the second quarter 2019.John Reinhart, President and CEO, commented, “The results of our optimized development program and the significant efficiency gains we have achieved have outpaced our expectations and provided the Company a meaningful increase in proved reserves during the first half of 2019. We
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