Northern Oil and Gas Inc. (NYSE MKT: NOG) increased the borrowing base under its revolving credit facility in an agreement with its bank syndicate, the company said April 2.
The 13 lenders increased the borrowing base to $500 million, up from $450 million, in an annual redetermination, Northern Oil and Gas said.
The next redetermination is scheduled for Oct. 1, the company added.
Wayzata, Minn.-based Northern Oil and Gas Inc. controls leaseholds in the Williston Basin’s Bakken and Three Forks areas.
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