Kodiak Oil & Gas Corp. (KOG), an oil and gas exploration and production company with primary assets in the Williston Basin of North Dakota, announced an increase in its borrowing base.
The Company and its lending syndicate completed a borrowing base special redetermination for the first lien credit facility, which resulted in additional $150 million in borrowing base capacity. As a result of this redetermination, the borrowing base for Kodiak's $750 million first lien credit facility is now $375 million.
As of August 2, 2012, the Company's long- term debt was $820 million consisting of $800 million in senior notes and $20 million in borrowings under its credit facility. Kodiak's working capital was $20.1 million at June 30, 2012. The Company expects to maintain low cash and cash equivalent balances going forward, as short-term liquidity needs are satisfied by borrowings under its first lien credit facility.