EnerJex lifts revolving credit line borrowing base, extends maturity

By Marisa Wong

Madison, Wis., Aug. 15 – EnerJex Resources, Inc. increased the borrowing base under its $100 million senior secured revolving line of credit with Texas Capital Bank, NA to $40 million from $38 million and extended the maturity date by three years to Oct. 3, 2018, according to a company press release.

The current interest rate remains 3.3%.

As of June 30, the company had $19 million borrowed under the facility, resulting in $21 million of immediately available liquidity.

Management expects the company’s borrowing base to increase significantly over time as EnerJex increases its oil and natural gas production and associated reserve value.

“This facility provides a very attractive source of capital which EnerJex can utilize to develop its existing assets and acquire new assets in an accretive manner for shareholders,” EnerJex’s chief executive officer, Robert Watson Jr., commented in the release.

EnerJex is a San Antonio-based independent oil and gas exploration and production company.

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