Sanchez Energy Corporation Completes Spring 2018 Redetermination; Announces 15% Borrowing Base Increase
May 14 2018 - 5:00PM
Sanchez Energy Corporation (NYSE:SN) (“Sanchez Energy” or the
“Company”) today announced that lenders to the Company’s
subsidiary-level (“UnSub”) revolving credit facility have
unanimously approved an increase in the borrowing base from $330
million to $380 million. Additionally, the lending group
approved a 75 basis point decrease in the credit spread used to
determine the cost of borrowings, more flexible hedging terms, and
other positive modifications. The current outstanding principal
balance under the UnSub revolving credit facility is approximately
$168 million.
“We would like to thank the 16 lenders in the
UnSub bank group for their strong and continuing support,” said
Tony Sanchez, III, Chief Executive Officer of Sanchez Energy.
“In our view, the 15 percent increase in the UnSub borrowing base
reflects the high-quality asset base at Comanche and the early
value we have created through our development program.”
ABOUT SANCHEZ ENERGY
CORPORATIONSanchez Energy Corporation (NYSE:SN) is an
independent exploration and production company focused on the
acquisition and development of U.S. onshore unconventional oil and
natural gas resources, with a current focus on the Eagle Ford Shale
in South Texas where the Company has assembled approximately
285,000 net acres. For more information about Sanchez Energy
Corporation, please visit our website:
www.sanchezenergycorp.com.
COMPANY CONTACT:Kevin SmithVP
Investor Relations(281) 925-4828
Cham KingDirector, Capital Markets &
Investor Relations (713) 756-2797