Laredo Petroleum's Increased Bank Credit Supplements Continued Growth
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.
- Laredo To Sell Permian Pipeline Unit Stake For $825 Million (Oct 02)
- Laredo, EnerVest Agree to Anadarko Basin Transaction (May 22)
- Laredo Concludes Private Placement of Senior Notes (Oct 20)