Riley Permian announces increase in borrowing base
Posted: October 14, 2021 at 6:30 a.m. MDT|Update: 11 minutes ago
THE CITY OF OKLAHOMA, October 14, 2021 / PRNewswire / – Riley Permian Exploration, Inc. (NYSE American: REPX) (“Riley Permian”, the “Company”, “we” or “our”), today announced that it has entered into an amendment to its facility. revolving credit facility (“Credit Facility”) under which the borrowing base and the selected commitments of the lenders who are parties thereto have changed from $ 135 million To $ 175 million as part of its new regular semi-annual determination.
Bobby riley, President and CEO of Riley Permian, said, “We are delighted to announce the increase in our debt base and our liquidity profile. We appreciate the continued support of our existing lenders and are delighted to welcome new lenders to our expanding banking syndicate. This increase in our borrowing base follows a period of continuous development activity, which has led to growth in our proved reserves and, in conjunction with rising commodity prices, an overall increase in value. reserves. “
About Riley Exploration Permian, Inc.
Riley Permian is an independent oil and gas company focused on continuously growing its reserves, production and cash flow per share through the acquisition, exploration, development and production of petroleum, natural gas and natural gas liquids in the Permian Basin. For more information, please visit www.rileypermian.com.
CAUTION FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements within the meaning of federal securities laws. All statements, other than historical facts, that deal with activities that the Company assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will occur, should or could occur at the future are forward-looking statements. Forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events, including current industry and macroeconomic conditions, price volatility of commodities, production levels, the impact of recent presidential and congressional elections on energy and environmental policies and regulations, any other potential regulatory action (including those that could impose production limits in the Permian Basin) , the impact and duration of the current COVID-19 pandemic, asset acquisitions and sales, future dividends, production, drilling and investment plans, financing requirements, competitive position, growth potential , extreme weather conditions (including the impact of recent winter storms on production volumes), impact of cha Ranges of depreciation, price and availability of CO2, and effects of hedging arrangements. These forward-looking statements involve certain risks and uncertainties which could cause the results to differ materially from those expected by the management of the Company.
These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the risk that the Company will reduce, suspend or entirely eliminate dividend payments. in the future, whether variable or fixed, due to insufficient liquidity or other factors, possible adverse effects or changes in the activities or operations of the Company resulting from the recently completed merger, including the future financial condition of the Company, results of operations, strategy and plans; developments in capital markets and the Company’s ability to finance its operations as planned; the risk that the Company’s EOR and CCUS projects will not perform as intended or produce the expected benefits; the risks of oil and gas activities; and the fact that operating costs and business disruptions could be greater than expected after the completion of the merger.
Additional factors that could cause results to differ materially from those described above can be found in Riley Permian’s annual report on Form 10-K for the year ended. December 31, 2020 and in its quarterly reports subsequently filed on Form 10-Q, as well as in the registration statement on Form S-4 filed by the Company with the SEC and declared effective by the SEC on February 2, 2021, each of which is filed with the SEC and available on the Company’s website at www.rileypermian.com under the “Investor” tab and in other documents that the Company files with the SEC.
The forward-looking statements contained in this press release are made as of the date hereof and are based on information available at that time. The Company does not undertake and expressly disclaims any obligation to update or revise our forward-looking statements on the basis of new information, future events or otherwise.
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