DENVER and HOUSTON, Dec. 22,
2014 /PRNewswire/ -- Escalera Resources Co. (Nasdaq:
ESCR) announced today that the borrowing base under its
$250 million credit facility with
Societe Generale has been reaffirmed following completion of its
fall 2014 semi-annual redetermination. As of December 19, 2014 Escalera's borrowing base
remains at $50.0 million.
The Company's next borrowing base redetermination is scheduled
for the spring of 2015.
As of November 30, 2014 Escalera
had combined liquidity of $10.9
million, which consisted of cash, cash equivalents and
borrowing capacity under its credit facility.
About Escalera Resources Co.
Escalera Resources Co. is
headquartered in Denver, CO, with
executive offices in Houston, TX
and a regional office in Casper,
WY. Escalera explores, develops and transports natural gas
in the U.S. and is seeking strategic acquisitions of abundant,
low-cost, dry natural gas assets that are currently undervalued or
underutilized, and identifying alternative ways to enhance the
value of its dry natural gas reserves.
This release may contain forward-looking statements regarding
Escalera Resources Co.'s future and expected performance based on
assumptions that the Company believes are reasonable. No assurances
can be given that these statements will prove to be
accurate. A number of risks and uncertainties could cause
actual results to differ materially from these statements,
including, without limitation, decreases in prices for natural gas
and crude oil, unexpected decreases in gas and oil production, the
timeliness, costs and results of development and exploration
activities, unanticipated delays and costs resulting from
regulatory compliance, and other risk factors described from time
to time in the Company's Forms 10-K and 10-Q and other reports
filed with the Securities and Exchange Commission. Escalera
undertakes no obligation to publicly update these forward-looking
statements, whether as a result of new information, future events
or otherwise.
Company Contact:
William A. Sidwell, III
VP, Corporate Strategy/IR
(832) 941-0565
www.escaleraresources.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/escalera-resources-borrowing-base-reaffirmed-at-50-million-300012807.html
SOURCE Escalera Resources Co.