Samson Resources II, LLC Announces Reserve-Based Lending Borrowing Base Increased over 50% to $160 MM
TULSA, Okla., Oct. 9, 2018 /PRNewswire/ -- Samson Resources II, LLC ("Samson" or the "Company") announced today that the Borrowing Base under its senior secured revolving credit facility has been increased by its lender group from $106.5 million to $160 million, effective October 1, 2018, following its regularly scheduled redetermination process. No other material changes were made to the terms or conditions under the credit facility during the process.
Joseph A. Mills, President and CEO of the Company stated, "We want to thank our bank group for the tremendous support they have shown Samson Resources II, LLC as we execute on our plan to grow the Company. The Company will remain financially disciplined while delivering crude oil and liquids-weighted production growth during 2018 of approximately 25% - 30% over 2017 exit rates. Samson is currently running two active rigs, one in the Powder River Basin and one in the Green River Basin."
Samson is a privately held onshore exploration and production company headquartered in Tulsa, Oklahoma. The Company holds approximately 200,000 net acres in the Powder River and Greater Green River basins in Wyoming. For more information, please visit our website at www.samson.com.
In this press release, all statements that are not purely historical facts are 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. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," plan," "estimate," intend," "potential" and other similar expressions. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on Samson. Actual results could vary materially depending on risks and uncertainties that may affect Samson and its business. Samson's actual actions and results may differ materially from what is expressed or implied by these statements due to a variety of factors, including (a) the ability of Samson to perform well and compete effectively, (b) the impact of restrictions in Samson's Reserve-Based Lending facility on its ability to make capital investments and pursue strategic growth opportunities, (c) the ability of Samson to continue to attract and retain qualified employees, and (d) other risks and uncertainties as disclosed by Samson in the future. Samson assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.
SOURCE Samson Resources II, LLC
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