Current ESTE Stock Info

Earthstone Energy, Inc. (ticker: ESTE) said that its borrowing base under its senior secured revolving credit facility has been increased from $150 to $185 million in connection with its regularly scheduled fall redetermination.

The $185 million borrowing base will not be reduced upon closing of the company’s previously announced agreement to sell its Bakken assets.

Executive VP and CFO Mark Lumpkin, Jr. said, “The increase in the borrowing base of our credit facility reflects the results the company is achieving through our continuous drilling program in the Midland Basin. We expect to enter 2018 with low leverage and strong liquidity, positioning Earthstone to grow our asset base both through the drill bit and through acquisitions. We appreciate the continued support of our lenders.”

Earthstone recently sold its Bakken assets for $27 million.

Earthstone Energy Increases Borrowing Base to $185 Million

ESTE Bakken Assets

Earthstone Energy Increases Borrowing Base to $185 Million

Source: Earthstone Energy

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