Riley Exploration Permian, Inc. (NYSE American: REPX) recently announced the completion of an amendment to its senior secured revolving credit facility. The amendment extends the facility maturity from April 2026 to December 2028. Additionally, the borrowing base and commitment levels have been increased by 7% from $375 million to $400 million. This increase comes as the syndicate has been expanded to include nine total lenders.
As of December 13, 2024, the company had $117 million drawn on the credit facility with $283 million of availability. This extension and increase in borrowing base and commitment levels are indicative of the company's positive standing and its ability to secure support from its banking syndicate partners.
Riley Permian, a growth-oriented, independent oil and natural gas company, expressed its gratitude to the banking syndicate partners for their continued support. This move positions the company for continued growth and development in the acquisition, exploration, and production of oil, natural gas, and natural gas liquids. Today the company's shares have moved -2.1% to a price of $31.49. Check out the company's full 8-K submission here.
