Laredo Petroleum, Inc. announced today that its eight member bank group, led by Bank of America, N.A., has increased its available bank line by $50 million, effective May 7, 2009 to a total of $180 million. This follows a $25 million increase in December 2008. The bank credit line is in addition to Laredo's initial $300 million equity program, which was increased to $600 million in October 2008 with Warburg Pincus and Laredo Management.
"This is a tremendous show of confidence in Laredo's continued growth through its successful drilling program and will provide additional funds as we continue to develop our vast potential," said Randy Foutch, Chairman & CEO, Laredo Petroleum.
Laredo's program has produced more than 1,500 additional drilling locations as the company continues to acquire and develop natural gas and oil reserves in the Mid-Continent and Permian Basin. These results are evidence of Laredo's successful implementation of its strategy to build a long term, sustainable E&P company through acquisitions, joint ventures and aggressive, internally-generated development and exploration drilling programs.