Callon Petroleum Company (NYSE:CPE) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
The information in Item 2.03 below is incorporated herein by reference.
Section 2 – Financial Information
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On April 5th, 2018, Callon Petroleum Company (the “Company”) entered into a First Amendment (the “First Amendment”) to its existing $2 billion senior secured revolving credit facility (the “Credit Facility”) to, among other things: (i) extend the maturity date of the Credit Facility by one year to May 25, 2023; (ii) increase the borrowing base from $700 million to $825 million; (iii) increase the aggregate elected commitment of the lenders thereunder from $500 million to $650 million; (iv) reduce the interest rate margins applicable to the Credit Facility by 50 to 75 basis points depending on the leverage ratio; and (v) amend various covenants and terms to reflect current market trends.
The foregoing description of the First Amendment is qualified in its entirety by reference to the First Amendment, a copy of which is filed as Exhibit 10.1 and is incorporated herein by reference.
Section 9 – Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
CALLON PETROLEUM CO ExhibitEX-10.1 2 exhibit101amendmenttocredi.htm EXHIBIT 10.1 Exhibit Exhibit 10.1Execution VersionMASTER ASSIGNMENT,…To view the full exhibit click here
About Callon Petroleum Company (NYSE:CPE)
Callon Petroleum Company is an independent oil and natural gas company. The Company is engaged in the exploration, development, acquisition and production of oil and natural gas properties. It focuses on unconventional, onshore, oil and natural gas reserves in the Permian Basin in West Texas and the Midland Basin. Its asset base is concentrated in the Midland Basin located within the broader Permian Basin. Its operations are focused on horizontal drilling of several prospective intervals, including multiple levels of the Wolfcamp formation. It has drilled approximately 40 gross (over 27.1 net) horizontal, while completing approximately 30 gross (over 25.8 net) horizontal and over 1 gross (approximately 0.4 net) vertical wells. It owns leaseholds over 17,670 net acres in the Permian Basin. Its Southern Midland Basin area consists of fields located in Upton, Reagan and Crockett Counties, Texas. Its Central Midland Basin area encompasses Midland, Ector, Andrews and Martin Counties.