Evolution Petroleum Corp. entered into a new $50 million three-year senior secured credit facility with MidFirst Bank of Oklahoma City, the company said April 13.

The new facility replaces the unsecured credit facility that was set to mature on April 29. The initial borrowing base was set at $10 million.

There are no outstanding borrowings under the new facility, which has standard financial covenants and will have semiannual borrowing base redeterminations.

Proceeds from the new facility will support acquisition and development of oil and gas properties, letters of credit and other general corporate purposes.

Randy Keys, president and CEO, said that the new facility gives the company a “solid backstop” for capital spending related to the NGL plant in the core Delhi Field asset. He added that the new facility also establishes MidFirst Bank as a key financial partner; the company has closed with MidFirst on a term sheet.

Evolution Petroleum Corp. is based in Houston.