OKLAHOMA CITY, April 21, 2015 /PRNewswire/ -- Templar Energy LLC announced today that effective April 1, 2015, the Company's borrowing base under its revolving credit facility is reaffirmed at $625 million. In addition, effective March 6, 2015, the Company amended its five-year revolving credit facility, originally entered into on November 25, 2013. The amendment revised the net leverage ratio covenant for the remainder of the term of the facility.
"Our lender group has recognized our high quality asset base, significant reserve growth, and disciplined approach to the development of the assets. We appreciate the continued support," said David D. Le Norman, President and Chief Executive Officer. "Templar has moved quickly to react to the changes in the marketplace. The renegotiation of our covenant, coupled with the reaffirmation of the borrowing base, has positioned the company to successfully navigate the current environment. We have improved our financial flexibility while maintaining ample liquidity for the foreseeable future. The focus for 2015 will continue to be efficient utilization of our capital and strengthening our balance sheet."
About Templar Energy
Templar Energy LLC, including its wholly-owned operating subsidiary, Le Norman Operating LLC, is an independent exploration and production company, with a core focus in the high-yield, liquids rich natural gas and oil producing formations in Western Oklahoma and the Texas Panhandle. We currently produce over 35,000 boepd net to the company and hold approximately 300,000 net acres of which ~2/3 of the net acres are in the stacked pay trends that are inherent to the Greater Anadarko Basin of the Mid-Continent producing region of the U.S. The remaining acreage outside of the Greater Anadarko fairway is located farther west in the Whittenburg Basin of the Texas Panhandle. This emerging resource play, located just north of the city of Amarillo, Texas, is yielding positive results in its initial stages of delineation. Headquartered in Oklahoma City, Oklahoma, our management team brings best in class technical and operational expertise and substantial experience. Our core competencies in the fields of horizontal drilling and multi-isolation stimulation have repeatedly proven to drive value creation for our stakeholders. For more information, visit www.lenormanoperating.com.
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SOURCE Templar Energy LLC