Goodrich Petroleum Increases Borrowing Base
Goodrich Petroleum (NYSE: GDP) says that a syndicate of commercial banks, led by BNP Paribas, has completed its mid-year borrowing base review and established a borrowing base of $170 Million. The Company or the banks may call for an out-of-cycle review, but in practice this borrowing base will likely be effective until the Company delivers its year end 2007 Reserve Report, which should result in a new borrowing base determination late in the first quarter of 2008.
David R. Looney, Executive Vice President and CFO, commented as follows, "The increase to $170 Million represents in excess of a 54% increase over our existing borrowing base of $110 Million. Not only will this increased availability give us ample liquidity to complete our 2007 drilling program and get us a good start on 2008, but it also further validates the economic success of our program. We appreciate the continued support of our bankers, and we look forward to expanding this availability in the future."
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