HOUSTON–(BUSINESS WIRE)–WildHorse Resource Development Corporation (NYSE: WRD) today announced that the existing borrowing base under its $1.0 billion multi-year revolving credit facility was increased by its bank group, comprised of 15 lenders, to $450.0 million from $362.5 million following its fiscal year-end reserves review and regularly scheduled semi-annual redetermination. WRD’s revolving credit facility matures in December 2021, and the financial covenants were unchanged.
“The significant increase in proved reserves since the initial borrowing base determination confirms the quality of WRD’s asset base,” Jay Graham, Chairman and Chief Executive Officer, said. “With an increase in the borrowing base, WRD has even more flexibility in funding its 2017 development program. We look to continue prudently allocating capital while maintaining a strong balance sheet and solid debt metrics.”
About WildHorse Resource Development Corporation
WildHorse Resource Development Corporation is an independent oil and natural gas company focused on the acquisition, exploration, development and production of oil, natural gas and NGL properties primarily in the Eagle Ford Shale in East Texas and the Over-Pressured Cotton Valley in North Louisiana. For more information, please visit our website at www.wildhorserd.com.