Eagle Rock Announces Redetermination of Borrowing Base
April 02 2015 - 5:00PM
Eagle Rock Energy Partners, L.P. (the "Partnership") (Nasdaq:EROC)
today announced that effective April 1, 2015, the borrowing base
under its senior secured credit facility has been decreased from
$320 million to $270 million as part of the Partnership's regularly
scheduled semi-annual redetermination by its commercial lenders.
The Partnership's borrowing base is redetermined semi-annually
effective April 1 and October 1. The Partnership is
comfortably in compliance with the financial covenants under its
senior secured credit facility.
As of April 1, 2015, the Partnership's total liquidity was
approximately $180 million, comprised of approximately $108 million
of availability under its senior secured credit facility and
approximately 3.1 million Regency units valued at close of market
on April 1, 2015 at $72 million.
Joseph A. Mills, the Partnership's Chairman and Chief Executive
Officer, stated, "With the recent downturn in commodity prices, we
had anticipated we would see a reduction in our borrowing
base. Despite the decrease, Eagle Rock still has ample
liquidity, a robust hedge portfolio and a healthy leverage
ratio."
About the Partnership
Eagle Rock is a growth-oriented master limited partnership
engaged in (a) the exploitation, development, and production of oil
and natural gas properties and (b) ancillary gathering,
compressing, treating, processing and marketing services with
respect to its production of natural gas, natural gas liquids,
condensate and crude oil.
CONTACT: Eagle Rock Energy Partners, L.P.
Bob Haines, 281-408-1303
Senior Vice President and Chief Financial Officer
Chad Knips, 281-408-1203
Director, Corporate Finance and Investor Relations
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