OKLAHOMA
CITY, May 2, 2022 /PRNewswire/ -- Riley
Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian",
the "Company", "we" or "our"), announced that last week it
completed an amendment to its senior secured revolving credit
facility ("Credit Facility").
Credit Facility Amendment Highlights:
- Extended the facility maturity from September 2023 to April
2026
- Increased the borrowing base by 14% from $175 million to $200
million
- Rebalanced allocations among six lenders in the syndicate
- Relaxed minimum hedging requirements to allow for more
discretionary hedging decisions when the Company is less
levered
As of April 29, 2022, the Company
had $63MM drawn on the credit facility with $137MM of
availability.
The amended Credit Facility now includes hedging requirements
that are based on both facility utilization as well as the
Company's leverage ratio, reducing minimum thresholds required when
utilization and leverage are reduced. At the current level,
the Company is required to have in place commodity hedges covering
25% of forecasted PDP production volumes for a period of 24 months
forward, down from a requirement of 50% of forecasted PDP volumes
under the prior Credit Facility agreement.
The management team and board of directors of Riley Permian
extend their gratitude to the banking syndicate partners for their
continued support.
About Riley
Exploration Permian, Inc.
Riley Permian is a growth-oriented, independent oil and natural
gas company focused on the acquisition, exploration, development
and production of oil, natural gas, and natural gas liquids. For
more information please visit www.rileypermian.com.
Investor Contact:
Rick D' Angelo
405-438-0126
IR@rileypermian.com
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SOURCE Riley Exploration Permian, Inc.