Roan Resources, Inc. Announces Upsize to Revolving Credit Facility
March 13 2019 - 4:15PM
Business Wire
Roan Resources, Inc. (NYSE: ROAN) (“Roan” or the “Company”)
today announced its borrowing base on its revolving credit facility
has been upsized by $75 million to $750 million.
As of the end of the fourth quarter 2018, Roan had $6.9 million
of cash on the balance sheet and $514.6 million drawn on its
revolving credit facility, for total net debt (non-GAAP) of $507.7
million. Roan currently has no other outstanding debt or letters of
credit, which provides the Company with approximately $240 million
of available liquidity as of December 31, 2018, on a pro forma
basis, which fully funds the 2019 development program.
About Roan Resources
Roan is an independent oil and natural gas company headquartered
in Oklahoma City, OK focused on the development, exploration and
acquisition of unconventional oil and natural gas reserves in the
Merge, SCOOP and STACK plays of the Anadarko Basin in Oklahoma. For
more information, please visit www.RoanResources.com, where we
routinely post announcements, updates, events, investor
information, presentations and recent news releases.
Cautionary Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical fact,
are forward-looking statements which contain our current
expectations about future results. These forward-looking statements
are based on certain assumptions and expectations made by the
Company, which reflect management’s experience, estimates and
perception of historical trends, current conditions and anticipated
future developments. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Company, which may cause actual results to differ
materially from those implied or anticipated in the forward-looking
statements. When considering these forward-looking statements, you
should keep in mind the risk factors and other cautionary
statements found in the Company’s filings with the Securities and
Exchange Commission, including its Current Report on Form 8-K,
filed September 24, 2018 and any subsequently filed quarterly
reports on Form 10-Q or current reports on Form 8-K.
We caution you that these forward-looking statements are subject
to all of the risks and uncertainties, most of which are difficult
to predict and many of which are beyond our control, or incidental
to the development, production, gathering and sale of oil, natural
gas and NGLs. These risks include, but are not limited to,
commodity price volatility, inflation, lack of availability of
drilling and production equipment and services, environmental
risks, drilling and other operating risks, regulatory changes, the
uncertainty inherent in estimating reserves and in projecting
future rates of production, cash flow and access to capital, the
timing of development expenditures and the other risks.
Reserve engineering is a process of estimating underground
accumulations of oil, natural gas and NGLs that cannot be measured
in an exact way. The accuracy of any reserve estimate depends on
the quality of available data, the interpretation of such data and
price and cost assumptions made by reserve engineers. In addition,
the results of drilling, testing and production activities may
justify revisions of estimates that were made previously. If
significant, such revisions would change the schedule of any
further production and development drilling. Accordingly, reserve
estimates may differ significantly from the quantities of oil,
natural gas and NGLs that are ultimately recovered.
Should one or more of the risks or uncertainties described
occur, or should underlying assumptions prove incorrect, our actual
results and plans could differ materially from those expressed in
any forward-looking statements.
All forward-looking statements, expressed or implied, included
in this release are expressly qualified in their entirety by this
cautionary statement. This cautionary statement should also be
considered in connection with any subsequent written or oral
forward-looking statements that we or persons acting on our behalf
may issue.
Except as otherwise required by applicable law, we disclaim any
duty to update any forward-looking statements, all of which are
expressly qualified by the statements in this section, to reflect
events or circumstances after the date of this release.
Non-GAAP Financial Measures
Net Debt is a non-GAAP financial measure equal to long-term debt
outstanding less cash on hand as of the date presented. Roan’s
computations of Net Debt may not be comparable to other similarly
titled measures of other companies or to such measure in our credit
facility or any of our other contracts.
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version on businesswire.com: https://www.businesswire.com/news/home/20190313005812/en/
Alyson GilbertInvestor Relations
Manager405-896-3767IR@RoanResources.com
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