Brigham Exploration Ups Credit Facility Borrowing Base

Brigham Exploration Company announced that it has increased its senior credit facility borrowing base from $50 million to $110 million.

Effective November 27, 2006, Brigham's borrowing base was reset from $50 million to $110 million in conjunction with its regularly scheduled semi- annual borrowing base redetermination. In April 2006, Brigham's borrowing base had been reset from $90 million to $50 million in connection with the sale of its 9 5/8% senior notes due 2014.

The senior credit agreement contains customary restrictions and covenants. Pursuant to the senior credit agreement, Brigham is required to maintain a current ratio of at least 1 to 1 and an interest coverage ratio (as those ratios are defined in the senior credit agreement) for the four most recent quarters of at least 3 to 1.

Brigham Exploration Company is an independent exploration and production company that applies 3-D seismic imaging and other advanced technologies to systematically explore and develop onshore domestic natural gas and oil provinces.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Contracts Advisor
Expertise: Budget / Cost Control|Contracts Engineer|Supply Chain Management
Location: San Ramon, CA
Accounting Manager
Expertise: Accounting
Location: Houston, TX
Data Processing Supervisor
Expertise: Planner / Scheduler|Project Controls|Refinery / Plant Operator
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours