Matador Resources Co. (NYSE: MTDR) increased the borrowing base under its revolving credit facility, the company said Sept. 8.

The borrowing base was increased to $450 million from $385 million, the company said, noting that the increase was based on the lenders’ review and the proved oil and natural gas reserves on July 31.

The reserves increased to 57.7 million barrels of oil equivalent (MMboe), up from Dec. 31, 2013’s 51.7 MMboe, the company noted. The increased reserves included 19 MMbbl of oil and 231.8 billion cubic feet of natural gas.

As of Sept. 8, there were $210 million in outstanding borrowings, Matador added.

Dallas-based Matador Resources Co. develops and produces domestic oil and natural gas.