ASCENT RESOURCES UTICA HOLDINGS, LLC ANNOUNCES REAFFIRMATION OF ITS $2.0 BILLION BORROWING BASE AND A TWO-YEAR EXTENSION TO ITS CREDIT FACILITY MATURITY TO APRIL 5, 2024
OKLAHOMA CITY, December 16, 2019 -- Ascent Resources Utica Holdings, LLC (together with its subsidiaries, “Ascent”) announced today that its bank group, led by JPMorgan Chase Bank, N.A., as Administrative Agent, reaffirmed its $2.0 billion borrowing base under its $2.5 billion revolving credit facility and extended the maturity date of the credit facility by two years to April 5, 2024. As of September 30, 2019, Ascent had approximately $1.1 billion borrowed under the credit facility and $188 million of letters of credit issued. The next regularly scheduled semi-annual borrowing base redetermination will be in the spring of 2020.
Jeff Fisher, Chairman and Chief Executive Officer of Ascent, commented “As Ascent transitions to generating sustainable free cash flow, we continue to look for opportunities to strengthen our liquidity position and credit profile. The reaffirmation of our borrowing base achieves these goals while providing us with appropriate financial flexibility. Despite challenging market conditions, the continued support of our bank group and the confidence they have in our management team and asset base is a testament to the continued success of Ascent.”
About Ascent Resources:
Ascent is a leading private exploration and production company focused on acquiring, exploring for, developing, producing and operating natural gas and oil properties in the Utica Shale. For more information, visit www.ascentresources.com.
This news release contains forward-looking statements within the meaning of US federal securities laws. Forward-looking statements express views of Ascent regarding future plans and expectations. Forward-looking statements in this news release include, but are not limited to, statements regarding future operations, business strategy, liquidity and cash flows, if any, of Ascent. These statements are based on numerous assumptions and are subject to known and unknown risks and uncertainties. These assumptions may not materialize. Actual future results may vary materially from those expressed or implied in this news release, and Ascent’s business, financial condition, and results of operations could be materially and adversely affected by numerous factors, including such known and unknown risks and uncertainties. As a result, forward-looking statements should be understood to be only predictions and statements of Ascent’s current beliefs; they are not guarantees of performance.