Double Eagle Petroleum Extends Credit Facility's Maturity Date
Double Eagle Petroleum has signed an amended credit agreement with its lenders to extend the maturity date on its credit facility from July 31, 2010 to January 31, 2013. The new agreement reaffirms its current committed credit line of $45 million, of which the Company currently has $31 million outstanding. The Company's borrowing base, determined from the Company's current oil and gas reserves and using the existing bank pricing deck, is above $65 million. The rates and covenants under the amended credit agreement are consistent with the prior credit agreement. The lending group is comprised of Bank of Oklahoma and Key Bank, with Bank of Oklahoma serving as the lead.
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