Triangle USA amends facility, increases borrowing base to $165 million

By Tali David

Minneapolis, Aug. 5 - Triangle Petroleum Corp. subsidiary Triangle USA Petroleum Corp. entered into amendment No. 1 to its amended and restated credit agreement and master assignment on July 30, according to an 8-K filing with the Securities and Exchange Commission.

The amendment: (a) increases the borrowing base under the amended and restated credit agreement to $165 million from $110 million; (b) allows Triangle USA to hedge up to 85% of the anticipated production of oil, gas and natural gas liquid volumes, respectively, attributable to Triangle USA's total proved reserves; and (c) makes revisions enabling Triangle USA to enter into a second-lien credit facility at a future date.

Wells Fargo Bank, NA is the administrative agent.

Triangle Petroleum is a Denver-based oil and gas exploration company.

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