Energen Corporation (NYSE:EGN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
(Energen)>entered into a sixth amendment (the Amendment) to
its credit agreement (the Credit Agreement)>among Energen, as
borrower, Wells Fargo Bank, National Association, as
administrative agent, Energen Resources Corporation, as
guarantor, and>the institutions named therein as lenders.
Terms used and not defined herein have the respective meanings
given to such terms in the Credit Agreement and the Amendment,
respectively.
of the Borrowing Base from $1.05 billion to $1.4 billion as a
result of the April 1, 2017 Scheduled Redetermination. The
Amendment also changes the Credit Agreement provision relating to
certain Senior Notes that may be issued by Energen without a
reduction in the Borrowing Base by extending the deadline for
issuing such Senior Notes from the delivery of the New Borrowing
Base Notice for the Scheduled Redetermination scheduled to occur
on or about April 1, 2017 to the delivery of the New Borrowing
Base Notice for the Scheduled Redetermination scheduled to occur
on or about October 1, 2017.>The Aggregate Commitment under
the Credit Agreement did not change and remains at $1.05 billion.
of>the lenders and other parties to the Amendment and their
respective affiliates have engaged, and may in the future engage,
in commercial banking, investment banking, financial advisory or
other services to Energen and its affiliates for which they have
in the past and may in the future receive customary compensation
and expense reimbursement.
qualified in its entirety by the full text of such agreement,
which is filed herewith as Exhibit 10.1. In the event of any
discrepancy between the preceding summary and the text of the
Amendment, the text of the Amendment shall control.
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10.1
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Sixth Amendment to the>Credit Agreement dated as of
April 21, 2017, by and>among Energen Corporation, as borrower, Wells Fargo>Bank, National Association, as administrative agent, Energen Resources Corporation, as guarantor, and>the institutions named therein as lenders. |
About Energen Corporation (NYSE:EGN)
Energen Corporation (Energen) is an oil and natural gas exploration and production company. The Company is engaged in the exploration, development and production of oil and natural gas properties and natural gas in the Permian Basin in west Texas and the San Juan Basin in New Mexico. It is focused on increasing its oil, natural gas liquids and natural gas production and proved reserves through active development and/or exploratory programs in the Permian Basin. All of its reserves are located in the Permian Basin in west Texas, and the San Juan Basin in New Mexico. Its development activities have added over 300 million barrels of oil equivalent of reserves from the drilling of approximately 880 gross development, exploratory and service wells (including over one sidetrack well), and over 150 well recompletions and pay-adds. The Company’s operations are conducted through its subsidiary, Energen Resources Corporation (Energen Resources). Energen Corporation (NYSE:EGN) Recent Trading Information
Energen Corporation (NYSE:EGN) closed its last trading session up +1.29 at 53.24 with 1,026,735 shares trading hands.
