TULSA, Okla., April 16, 2018 /PRNewswire/ -- Samson Resources II, LLC ("Samson" or the "Company") announced today that the borrowing base under its senior secured revolving credit agreement has been reaffirmed by its lender group in the amount of $106.5 Million following its regularly scheduled redetermination process. No other material changes were made to the terms or conditions under the credit facility during the process.
Joseph Mills, President and CEO of the Company stated, "We want to thank our lender group for the support they have shown the Company, and we are very pleased with the results of the redetermination process. The Company remains focused on maintaining a strong balance sheet while executing on our 2018 capital program, which is expected to deliver approximately 20 percent oil growth year-over-year as compared to 2017 exit volumes."
Samson is a privately held onshore exploration and production company headquartered in Tulsa, Oklahoma.
In this press release, all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "project," plan," "estimate," intend," "potential" and other similar expressions. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management's current beliefs, expectations and views with respect to future developments and their potential effects on Samson. Actual results could vary materially depending on risks and uncertainties that may affect Samson and its business. Samson's actual actions and results may differ materially from what is expressed or implied by these statements due to a variety of factors, including (a) the ability of Samson to perform well and compete effectively, (b) the impact of restrictions in Samson's Senior Credit Facility on its ability to make capital investments and pursue strategic growth opportunities, (c) the ability of Samson to continue to attract and retain qualified employees, and (d) other risks and uncertainties as disclosed by Samson in the future. Samson assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.
SOURCE Samson Resources II, LLC