RSP Permian Inc. (NYSE: RSPP) closed an amendment to its revolving credit facility in conjunction with the closing of its $257 million acquisition of acres in Glasscock County, Texas, the company said Sept. 2.

The amendment increased the borrowing base to $500 million from $375 million, and increased the lenders’ maximum facility commitments to $1 billion from $375 million, RSP said. The maturity date for the facility was extended for two additional years to, August 2019, the company noted.

"We are pleased to have extended the term and increased the size of our borrowing base, providing us greater access under our credit facility to execute our growth plans. We appreciate the support of our bank group and believe this expanded credit facility demonstrates our continued success increasing our production and reserve base through both our drilling program and strategic acquisitions,” said CEO Steve Gray.

In Glasscock County, the company had purchased 6,652 net surface acres (19,367 net effective horizontal acres) with 156 net horizontal drilling locations and 316 net vertical drilling locations on 20-acre spacing, RSP said. The area has more than 125 million barrels of oil equivalent, the company added.

Dallas-based RSP Permian Inc. develops and produces oil and natural gas in the West Texas Permian Basin.