PDC Energy, Inc. (“PDC” or the “Company”) (PDCE) today announced that it has extended the maturity of its revolving credit facility by two years to May 2020. The borrowing base has been re-affirmed at $700 million of which the Company has elected to keep its commitment level at $450 million.
Chief Financial Officer Gysle Shellum stated, “We are very pleased with the support of our bank group and its agreement, given the current market conditions, to not only re-affirm our current borrowing base, but extend the maturity of the revolving credit facility by two years. This liquidity and flexibility provides us the ability to continue operating with a clear focus on maintaining favorable debt metrics and executing on our strategic vision of delivering shareholder value through continued production and cash flow growth, and strong returns.”
About PDC Energy, Inc.
PDC Energy, Inc. is a domestic independent exploration and production company that produces, develops, acquires and explores for crude oil, natural gas and NGLs with operations in the Wattenberg Field in Colorado and in the Utica Shale in southeastern Ohio. Its operations are focused on the liquid-rich horizontal Niobrara and Codell plays in the Wattenberg Field and the condensate and wet gas portion of the Utica Shale play. PDC is included in the S&P SmallCap 600 Index and the Russell 2000 Index of Companies