Eagle Rock Redetermines Borrowing Base
Eagle Rock announced that the borrowing base under its senior secured credit facility has been set at $130 million by its commercial lenders as part of the Partnership's regularly scheduled semi-annual borrowing base redetermination. The redetermined borrowing base is effective April 1, 2010, with no additional fees or increases in interest rate spread incurred.
The Partnership also announced that on April 9, 2010 it added to its commodity derivative portfolio by establishing hedges on a portion of its expected 2013 Midstream volumes. Specifically, the Partnership entered into a swap for 20,000 barrels per month of NYMEX WTI crude oil for the twelve months ended December 31, 2013. The swap price for the transaction is $90.20 per barrel.