Brigham Exploration Closes Amendment to Sr. Credit Agreement
Brigham Exploration has closed on the Fifth Amendment to its Senior Credit Agreement with a bank group comprised of six banks led by Bank of America, N.A. In addition to other provisions of the amendment, the Fifth Amendment extends the maturity date of the Senior Credit Agreement to July 24, 2012. The Senior Credit Agreement provides for revolving credit borrowings of up to $200 million with an initial borrowing base of $110 million. The borrowing base is reset each May and November with the next redetermination scheduled to take place in November 2009. The Fifth Amendment, which includes specific terms and covenants governing the facility, will be filed with the Securities and Exchange Commission. As of June 30, 2009, Brigham had drawn $110 million under the facility and maintains $73.4 million in cash, cash equivalents and short term investments.
Gene Shepherd, Brigham's Chief Financial Officer, commented, "We are pleased to have finalized the extension of our Senior Credit Agreement. We believe the support and commitment of the six banks under the facility during these difficult credit markets is a strong show of support for both the drilling results experienced to date, as well as the future opportunities that we have in front of us in the Williston Basin Bakken and Three Forks plays. Closing the credit facility extension, along with our recently completed equity offering, provides us with the necessary flexibility to execute on our development plan in the basin."
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