Mariner Energy's Borrowing Base Increased to $950 Million
April 08 2010 - 6:30PM
Marketwired
Mariner Energy, Inc. (NYSE: ME) today announced that the borrowing
base for its $1.0 billion secured revolving credit facility has
been increased to $950.0 million, up from $800.0 million. The
credit facility is provided by a syndicate of 18 banks led by Union
Bank, N.A., and BNP Paribas. After giving effect to today's
increased borrowing base and $4.7 million in outstanding letters of
credit, Mariner has approximately $613.0 million available under
the credit facility. The borrowing base is scheduled to be
redetermined semi-annually. In connection with the latest
redetermination, the facility also was amended to, among other
things, increase the maximum permitted ratio of total debt to
EBITDA (as defined in the credit agreement) to 3.5 to 1.0, up from
2.5 to 1.0.
"We appreciate our bankers' support of Mariner Energy. The
increased borrowing base and amended credit agreement provide us
added financial flexibility to pursue our growth initiatives and
execute our current plans," said Jesus G. Melendrez, Senior Vice
President, Chief Commercial Officer and Acting Chief Financial
Officer.
About Mariner Energy, Inc. Mariner Energy is an independent oil
and gas exploration, development, and production company
headquartered in Houston, Texas, with principal operations in the
Permian Basin, Gulf Coast and the Gulf of Mexico. For more
information about Mariner, visit the company's website at
www.mariner-energy.com.
Important Information Concerning Forward-looking Statements This
press release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. All statements, other
than statements of historical facts, that address activities that
Mariner assumes, plans, expects, believes, projects, estimates or
anticipates (and other similar expressions) will, should or may
occur in the future are forward-looking statements. Our
forward-looking statements generally are accompanied by words such
as "may", "will", "estimate", "project", "predict", "believe",
"expect", "anticipate", "potential", "plan", "goal", or other words
that convey the uncertainty of future events or outcomes.
Forward-looking statements provided in this press release are based
on Mariner's current belief based on currently available
information as to the outcome and timing of future events and
assumptions that Mariner believes are reasonable. Mariner does not
undertake to update its guidance, estimates or other
forward-looking statements as conditions change or as additional
information becomes available. Estimated reserves are related to
hydrocarbon prices. Hydrocarbon prices used in estimating reserves
may vary significantly from actual future prices. Therefore,
volumes of reserves actually recovered may differ significantly
from such estimates. Mariner cautions that its forward-looking
statements are subject to all of the risks and uncertainties
normally incident to the exploration for and development,
production and sale of oil and natural gas. These risks include,
but are not limited to, price volatility or inflation,
environmental risks, drilling and other operating risks, regulatory
changes, the uncertainty inherent in estimating future oil and gas
production or reserves, and other risks described in Mariner's
latest Annual Report on Form 10-K and other documents filed by
Mariner with the Securities and Exchange Commission (SEC). Any of
these factors could cause Mariner's actual results and plans of
Mariner to differ materially from those in the forward-looking
statements. Investors are urged to read Mariner's latest Annual
Report on Form 10-K and other documents filed by Mariner with the
SEC.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities of Mariner.
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