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Magnolia Petroleum Increases Credit Facility

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May 20, 2014

On May 20, Magnolia Petroleum Plc increased the borrowing base of its credit facility to $2.75 million, up from $2.1 million, the company said.

The increase to the borrowing base followed an increase to the value of the net proved and developed producing (PDP) reserves, the company said. The PDP reserves’ value was increased to about $8.4 million, Magnolia added.

On Oct. 22, 2013, the company had agreed to a three-year revolving credit line with a $5 million nominal value and interest, Magnolia said. Initially, the borrowing base was set ...

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