Roan Resources, Inc. Announces Upsize to Revolving Credit Facility
Roan Resources, Inc. (NYSE: ROAN) (“Roan” or the “Company”) today
announced its borrowing base on its revolving credit facility has been
upsized by $75 million to $750 million.
As of the end of the fourth quarter 2018, Roan had $6.9 million of cash
on the balance sheet and $514.6 million drawn on its revolving credit
facility, for total net debt (non-GAAP) of $507.7 million. Roan
currently has no other outstanding debt or letters of credit, which
provides the Company with approximately $240 million of available
liquidity as of December 31, 2018, on a pro forma basis, which fully
funds the 2019 development program.
About Roan Resources
Roan is an independent oil and natural gas company headquartered in
Oklahoma City, OK focused on the development, exploration and
acquisition of unconventional oil and natural gas reserves in the Merge,
SCOOP and STACK plays of the Anadarko Basin in Oklahoma. For more
information, please visit www.RoanResources.com,
where we routinely post announcements, updates, events, investor
information, presentations and recent news releases.
Cautionary Statements
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical fact, are
forward-looking statements which contain our current expectations about
future results. These forward-looking statements are based on certain
assumptions and expectations made by the Company, which reflect
management’s experience, estimates and perception of historical trends,
current conditions and anticipated future developments. Such statements
are subject to a number of assumptions, risks and uncertainties, many of
which are beyond the control of the Company, which may cause actual
results to differ materially from those implied or anticipated in the
forward-looking statements. When considering these forward-looking
statements, you should keep in mind the risk factors and other
cautionary statements found in the Company’s filings with the Securities
and Exchange Commission, including its Current Report on Form 8-K, filed
September 24, 2018 and any subsequently filed quarterly reports on Form
10-Q or current reports on Form 8-K.
We caution you that these forward-looking statements are subject to
all of the risks and uncertainties, most of which are difficult to
predict and many of which are beyond our control, or incidental to the
development, production, gathering and sale of oil, natural gas and
NGLs. These risks include, but are not limited to, commodity price
volatility, inflation, lack of availability of drilling and production
equipment and services, environmental risks, drilling and other
operating risks, regulatory changes, the uncertainty inherent in
estimating reserves and in projecting future rates of production, cash
flow and access to capital, the timing of development expenditures and
the other risks.
Reserve engineering is a process of estimating underground
accumulations of oil, natural gas and NGLs that cannot be measured in an
exact way. The accuracy of any reserve estimate depends on the quality
of available data, the interpretation of such data and price and cost
assumptions made by reserve engineers. In addition, the results of
drilling, testing and production activities may justify revisions of
estimates that were made previously. If significant, such revisions
would change the schedule of any further production and development
drilling. Accordingly, reserve estimates may differ significantly from
the quantities of oil, natural gas and NGLs that are ultimately
recovered.
Should one or more of the risks or uncertainties described occur, or
should underlying assumptions prove incorrect, our actual results and
plans could differ materially from those expressed in any
forward-looking statements.
All forward-looking statements, expressed or implied, included in
this release are expressly qualified in their entirety by this
cautionary statement. This cautionary statement should also be
considered in connection with any subsequent written or oral
forward-looking statements that we or persons acting on our behalf may
issue.
Except as otherwise required by applicable law, we disclaim any duty
to update any forward-looking statements, all of which are expressly
qualified by the statements in this section, to reflect events or
circumstances after the date of this release.
Non-GAAP Financial Measures
Net Debt is a non-GAAP financial measure equal to long-term debt
outstanding less cash on hand as of the date presented. Roan’s
computations of Net Debt may not be comparable to other similarly titled
measures of other companies or to such measure in our credit facility or
any of our other contracts.
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