Black Ridge Oil & Gas Inc. (OTC: ANFC) increased the borrowing base of its senior secured credit facility, the company said Sept. 11.
The borrowing base was increased by 75%, to $35 million, from $20 million, the company said. The higher amount was based on production and growth results from June 30’s quarterly filing and lender analysis, Black Ridge added.
The Cadence Bank NA credit facility has interest rates 3% to 3.5% above Libor, the company noted.
In connection with the increase, Black Ridge and Chambers Energy Management LP reduced the availability under Chambers’ subordinated credit facility by $5 million, to $30 million, Black Ridge said.
Under both facilities, there is $65 million in total availability. As of June 30, $44 million was drawn, the company added.
Minnetonka, Minn.-based Black Ridge Oil & Gas Inc. operates in the Williston Basin and Three Forks areas.
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