Quicksilver Resources Inc.’s (NYSE: KWK) borrowing base was reduced to $325 million from $350 million during a semiannual redetermination April 25, the company said April 28.
The company’s combined credit agreements were amended the same day, Quicksilver added. Certain definitions regarding EBITDAX were amended to exclude some nonrecurring cash items, provide for the pro forma application of an amendment to the Fortune Creek gathering agreement and reduce the threshold, to $10 million, for the pro forma application of a transaction, the company noted.
Quicksilver has about $240 million under its combined credit agreements, including $43 million of outstanding letters of credit, the company said. Additionally, the combined credit agreements’ size was reduced to $650 million, Quicksilver noted.
Fort Worth, Texas-based Quicksilver Resources explores, develops and acquires unconventional North American oil and natural gas.
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