Sabine Oil & Gas Corp. entered a forbearance agreement with the lenders under its revolving credit facility, the company said May 5.

The agreement will give Sabine additional flexibility as it continues discussions about debt and capital structure with creditors and others.

Lazard Ltd. is Sabine’s financial adviser and Kirkland & Ellis LLP is advising management and the board of directors.

Sabine’s cash balance was about $280 million on April 20. Suppliers and other trade creditors are being paid in ordinary course.

Houston-based Sabine Oil & Gas Corp. acquires and develops domestic oil and natural gas properties.