|By Marketwired .||
|December 23, 2013 02:54 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 12/23/13 -- RMP Energy Inc. ("RMP" or the "Company") (TSX: RMP) is pleased to report that based on the lending syndicate's (the "Lenders") recent semi-annual review of the borrowing base associated with the Company's committed, extendible revolving bank credit facility, the borrowing limit has been increased to $160 million from $140 million, effective today.
The bank credit facility represents the maximum amount that can be borrowed and is primarily based on the Lender's assessment and analysis of the Company's proved crude oil and natural gas reserves, RMP's results of operations, and the Lenders forecasted commodity prices. The next borrowing base re-determination is scheduled for May 2014. The Company has approximately $87 million presently drawn against the credit facility, providing for $73 million of un-utilized borrowing capacity.