A commercial bank group, led by Bank of Montreal, approved an increase in the borrowing base for Vintage Petroleum Inc. (NYSE: VPI), Tulsa, from $400 million to $550 million. The increase effectively provides the independent $250 million of unused availability under its unsecured revolving credit facility. While this unused availability provides substantial financial flexibility, Vintage maintains its target of reducing the ratio of its long-term debt to book capitalization from 63.7% at the end of the third quarter to a percentage in the low- to mid-50s by the end of 2000. Vintage may increase the facility size up to $625 million without further approvals from the existing bank group if additional banks agree to join the group. Atlantic Methanol Capital Co. (AMCCO), Ardmore, Okla., a newly formed, 50%-owned subsidiary of Noble Affiliates Inc. (NYSE: NBL), privately placed $125 million of five-year senior secured notes with institutional investors. Donaldson, Lufkin & Jenrette Securities Corp. acted as placement agent. The independent producer intends to use approximately $63 million of the proceeds, minus transaction expenses, to fund a portion of its obligations to pay for constructing a methanol plant and related facilities in Equatorial Guinea. The remainder of the proceeds were used by AMCCO to acquire from Noble, at book value, its subsidiary that holds Noble's ownership interest in the project. Noble has guaranteed payment of interest on the notes and provided certain other credit support. Westfort Energy Ltd. (Toronto: WT), Jackson, Miss., will receive up to C$10 million of project debt financing for the development of three fields in Mississippi from Corpfinance Advisory Services Inc. The loan will be secured by the independent's reserves attributable to the drilling of the deep Norphlet formation in an alliance with Patterson Energy Inc. (Nasdaq: PTEN). Peyto Exploration & Development Corp. (Alberta: PEY), Calgary, agreed to issue C$2.7 million of five-year, 3% convertible subordinated secured debt. Holders may convert the debt, which will mature on Dec. 1, 2004, into common shares of the independent at any time prior to maturity at an exercise price of C60 cents per share. Peyto will be able to redeem the debt at its issue price after July 1, 2000, if the trading price of its common stock exceeds C84 cents per share over the previous 15 trading days. It intends to use the funds to accelerate development operations in its core areas

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