Natural gas and oil producer Quicksilver Resources Inc. said Monday that its lenders raised the borrowing base on its senior secured revolving credit facility by $250 million to $1 billion.
The increase was based upon the company's oil and gas reserves as of Dec. 31.
Quicksilver reported in early February that reserves totaled about 1.55 trillion cubic feet of natural gas equivalents (Tcfe) at the end of 2007, essentially unchanged from the prior-year level despite the divestment of about 546 Bcfe of reserves associated with the company's mature properties in Michigan, Indiana and Kentucky last November.
The lenders have agreed to $1.2 billion in revolving credit commitments, and Quicksilver has the option to boost the facility to $1.45 billion with their consent.
Quicksilver may also extend the agreement by two years with lender consent.
The facility is set to mature on Feb. 9, 2012.
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