FORT WORTH, Texas, Nov. 30, 2016 /PRNewswire/ -- Lonestar Resources US, Inc. (NASDAQ: LONE) (together with its subsidiaries, "Lonestar") announced that effective November 23, 2016, the Company received notification that the borrowing base under its Revolving Credit Facility was reduced from $120.0 million to $112.0 million. This reduction gives effect to Lonestar's recent sale of our non-core Conventional Assets, which generated $15.8 million of proceeds. The Company views this redetermination as favorable, considering that at its last redetermination, the Conventional Assets contributed an estimated $11 million to the borrowing base. At September 30, 2016, and prior to the sale of the Conventional Assets, Lonestar had $94.5 million outstanding on the Revolving Credit Facility.
Additionally, its redeterminations are now scheduled semi-annually to occur on May 1 and November 1 of each year. The Company's next borrowing base redetermination is scheduled for May 1, 2017.