EP ENERGY CORPORATION (NYSE:EPE) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
subsidiary of EP Energy Corporation (the Company), entered into
an amendment (the Amendment) to its senior secured RBL facility
(the RBL Facility) which provided that between May 2, 2016 (the
effective date of the Fifth Amendment to the RBL Facility) and
March 31, 2019 (the Amendment Period), the requirement that our
consolidated total debt to EBITDAX ratio not exceed 4.50 to 1.0
was suspended and replaced with a covenant that requires that our
first lien debt to EBITDAX ratio not exceed 3.00 to 1.0.
commitments under the RBL Facility were reaffirmed at $1.44
billion. This reaffirmation constitutes the scheduled April 2017
redetermination of the borrowing base. The next scheduled
redetermination of the borrowing base will be on or around
October 31, 2017.
purport to be complete and is qualified in its entirety by
reference to the full text of the Amendment which is filed as
Exhibit 10.1 to this Current Report on Form 8-K and is
incorporated into this Item 1.01 by reference.
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Exhibit No.
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Description
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10.1
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Seventh Amendment to Credit Agreement, dated as of
April 24, 2017, to the Credit Agreement, dated as of May 24, 2012, among EPE Acquisition, LLC, EP Energy LLC, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent for the lenders. |
About EP ENERGY CORPORATION (NYSE:EPE)
EP Energy Corporation (EP Energy) is an independent exploration and production company. The Company is engaged in the acquisition and development of unconventional onshore oil and natural gas properties in the United States. The Company operates through a diverse base of producing assets and are focused on creating value through the development of its drilling inventory located in four areas: the Eagle Ford Shale (South Texas), the Wolfcamp Shale (Permian Basin in West Texas), the Altamont Field in the Uinta Basin (Northeastern Utah) and the Haynesville Shale (North Louisiana). In its operating areas, it has identified approximately 5,710 drilling locations (including over 860 drilling locations to which it has attributed proved undeveloped reserves). The Company has proved reserves of approximately 546.0 million barrels of oil equivalent (MMBoe) and it has an average net daily production of over 109,680 barrel of oil equivalent per day (Boe/d). EP ENERGY CORPORATION (NYSE:EPE) Recent Trading Information
EP ENERGY CORPORATION (NYSE:EPE) closed its last trading session up +0.15 at 4.92 with 500,034 shares trading hands.
