CARBON NATURAL GAS COMPANY (OTCMKTS:CRBO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
| Entry Into a Material Definitive Agreement. |
Increase in Borrowing Base under Credit Facility
In October of 2016, Carbon Natural Gas Company, a Delaware
corporation (the Company), entered into
a 4-year $100.0 million senior secured asset-based revolving
credit facility (the Credit Facility)
with LegacyTexas Bank, as reported in the Companys current report
filed on Form 8-K on October 5, 2016. The initial borrowing base
established under the Credit Facility was $17.0 million and is
redetermined semi-annually, beginning in March of 2017.
On March 30, 2017, the borrowing base under the Credit Facility
was increased to $23.0 million.
About CARBON NATURAL GAS COMPANY (OTCMKTS:CRBO)
Carbon Natural Gas Company (Carbon) is a holding company. The Company owns and operates oil and natural gas and oil interests in the Appalachian and Illinois Basins of the United States. The Company produces and sells oil, natural gas, natural gas condensate and natural gas liquids. Carbon conducts its oil and natural gas operations through Nytis LLC. Carbon’s oil and gas properties are located in Illinois, Indiana, Kentucky, Ohio, Tennessee and West Virginia. Nytis LLC owns working interests in approximately 850 gross wells (over 570 net) and royalty interests located in Kentucky, Ohio, Tennessee and West Virginia, and has leasehold positions in approximately 17,000 net developed acres and over 184,800 net undeveloped acres. Nytis LLC owns working interests in approximately 60 gross (over 30 net) coalbed methane wells in the Illinois Basin, and has a leasehold position in approximately 1,700 net developed acres and over 66,700 net undeveloped acres. CARBON NATURAL GAS COMPANY (OTCMKTS:CRBO) Recent Trading Information
CARBON NATURAL GAS COMPANY (OTCMKTS:CRBO) closed its last trading session 00.00 at 11.50 with 1,002 shares trading hands.