Chaparral Energy Inc.
Description
Chaparral Energy, Inc. said the company’s bank group has completed its regularly scheduled fall borrowing base redetermination.
Fall Redetermination Highlights include an increased credit facility from $400 million to $750 million; increased borrowing base from $265 million to $325 million; reduced pricing grid by 50 basis points; and changed hedge capacity to 80% of internally forecasted production for the first 24 months.
Additionally, the company named Royal Bank of Canada as its new administrative agent. Chaparral currently has no borrowings under the credit facility. The company’s next semiannual borrowing base redetermination will be in the spring of 2019.