FORT WORTH, Texas, May 24, 2018 /PRNewswire/ — Lonestar Resources US Inc. (NASDAQ: LONE) (together with its subsidiaries, “Lonestar”) announced that the lenders in its Senior Secured Facility (“Facility) unanimously approved an increase in the Company’s Borrowing Base from $160 million to $190 million. With $73.5 million drawn on the Facility at March 31, 2018, proforma availability stands at $116.5 million.
Lonestar’s Chief Executive Officer, Frank D. Bracken, III commented, “The results of our drilling program have outpaced our expectations, as exhibited in our first quarter 2018 results, and now is reflected in the fact that the member banks in our Senior Secured Facility have reviewed our results and substantially increased our Borrowing Base. The Borrowing Base increase gives us substantial liquidity to run our business, and we expect continued growth in our Borrowing Base as we bring more wells onstream.”
Lonestar is an independent oil and natural gas company, focused on the development, production and acquisition of unconventional oil, natural gas liquids and natural gas properties in the Eagle Ford Shale in Texas.