Credit Facility for GDP
Earlier today Goodrich Petroleum Corporation (ticker: GDP) announced that is has entered into a $250 million senior secured revolving credit agreement with JP Morgan Chase Bank, SunTrust Bank and SunTrust Robinson Humphrey, Inc.
The Credit Facility has an initial borrowing base of $40 million and contains customary terms and conditions, including semi-annual borrowing base redeterminations. GDP had $31.1 million cash on hand as of September 30, 2017, and now has $23.3 million currently available under the Credit Facility.
Acreage swap for GDP
In addition to the Credit Facility, GDP also announced it has entered an additional swap of acreage on a portion of its core North Louisiana Haynesville Shale acreage. GDP swapped approximately 900 net acres of its Metcalf area of central Caddo Parish for a similar amount of acreage in its Bethany-Longstreet area in southern Caddo Parish.
The swap, that increased the inventory of long laterals and operated acreage which carries lower gathering fees, contributes an increase in proved undeveloped reserves of 25.5 billion cubic feet based on the year-end 2016 SEC Reserve Report.
