Lenders for Midstates Petroleum Co. Inc. (NYSE: MPO) and wholly owned subsidiary Midstates Petroleum Co. LLC increased the borrowing base under the revolving credit facility, the company said Sept. 30.
It was increased by $50 million, to $525 million, the company added. On Sept. 30, there was $369 million drawn under the facility, Midstates added, noting that the borrowing base is supported solely through Midcontinent assets.
"This increase reflects our success in growing our Midcontinent assets' production and proved reserves and, together with the continued expansion of our internally generated cash flow, gives us confidence that we will be able to execute our current capital plans into 2016,” said Dr. Peter Hill, the interim CEO. Hill holds a doctorate in geology.
“We intend to continue our focus on capital discipline and margin expansion in order to maximize the productivity of our assets and will manage our level of capital expenditures within our available liquidity," he added.
Houston-based Midstates Petroleum Co. Inc. explores and produces domestic natural gas and oil.
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