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.
Investor Relations Contact
Curtis Colby
405-241-1852
cac@lenorman.net
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SOURCE Templar Energy LLC