Double Eagle announced that effective July 22, 2009, the Company's lending group has reaffirmed its borrowing base of $45 million. In addition, an amendment to the credit agreement was entered into which provided for the following:
"The bank group's continued support of our asset portfolio and growth potential during this period of economic, commodity price and financial market challenges underscores the inherent value that we believe lies in Double Eagle," said Richard Dole, Double Eagle's Chairman, President and Chief Executive Officer.
The Company is currently working with the lead bank to consider expanding the bank syndication group to increase our future financing flexibility.
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