Page 11 - NorthAmOil Week 50

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Ascent Resources Utica Holdings announces reaffirmation of its $2.0bn borrowing base and a two- year extension to its credit facility maturity to April 5, 2024
Ascent Resources Utica Holdings announced today that its bank group, led by JPMorgan Chase Bank, NA, as Administrative Agent, reaffirmed its $2.0bn borrowing base under its $2.5bn revolving credit facility and extended the maturity date of the credit facility by
two years to April 5, 2024. As of September 30, 2019, Ascent had approximately $1.1bn borrowed under the credit facility and $188mn of letters of credit issued. The next regularly scheduled semi-annual borrowing base redetermination will be in the spring of 2020.
Jeff Fisher, chairman and chief executive officer of Ascent, commented: “As Ascent transitions to generating sustainable free cash flow, we continue to look for opportunities to strengthen our liquidity position and credit profile. The reaffirmation of our borrowing base achieves these goals while providing us with appropriate financial flexibility. Despite challenging market conditions, the continued
support of our bank group and the confidence they have in our management team and asset base is a testament to the continued success of Ascent.”
ASCENT RESOURCES UTICA HOLDINGS, December 16, 2019
Chesapeake Energy Corporation announces early results of exchange offers for senior notes and increase in maximum exchange amount
Chesapeake Energy Corporation today announced the preliminary results of its previously announced private offers to exchange its new 11.5% senior secured second lien notes due 2025 for certain outstanding senior unsecured notes listed in the table below upon the terms and subject to the conditions set forth in the company’s confidential offering memorandum, dated December 4, 2019. As of 5:00pm, New
York City time, on December 17, 2019, approximately $3.22bn aggregate principal amount, or approximately 71.4%, of Existing Notes were validly tendered and not validly withdrawn in the exchange offers.
Chesapeake also announced that (1) the minimum second lien note condition (as defined in the confidential offering memorandum) has been satisfied, (2) it
has increased the maximum aggregate exchange amount in the Exchange Offers from $1,500,000,000 to $2,210,156,000 and (3) it has elected to have an early settlement date of December 19, 2019 for existing notes validly tendered and not validly withdrawn
at or prior to the early tender date. All other terms and conditions of the exchange offers, as previously announced and described in the confidential offering memorandum, remain unchanged.
CHESAPEAKE ENERGY, December 18, 2019
Panhandle Oil and Gas
reports fourth-quarter and
fiscal 2019 results
Panhandle Oil and Gas today reported financial and operating results for the fourth quarter and fiscal year ended September 30, 2019.
Chad L. Stephens, interim CEO, commented: “We are pleased to report the results reflected in our fourth quarter and full-year 2019 financials. Fiscal 2019 was, in many ways, a transitional year for Panhandle. We made significant progress in shifting
our strategy to focus solely on minerals and royalties. Panhandle elected not to participate with a working interest in any wells proposed in fiscal 2019, and management made the strategic decision at the end of 2019 to cease participating with a working interest on any of our leasehold or mineral acreage going forward.
“Royalty volumes continue to increase, particularly oil volumes. Royalty volumes now represent the highest percentage of
our total volumes in the last 15 years. Our diverse portfolio continues to generate significant operating cash flow and margins. Our adjusted EBITDA grew 45% year over year, and we reduced our outstanding debt
by 31% from $51.0mn to $35.4mn (while increasing our cash position to almost $10.0mn as of December 12, 2019). The non- cash impairment and temporary increase in DD&A was associated with the Company’s strategic decision to cease working interest participation in new well development on our mineral and leasehold acreage.
“Subsequent to September 30, 2019,
the company closed on a sale of 530 net mineral acres for $3.4mn. Our first sizeable acquisition is scheduled to close in the first fiscal quarter of 2020 and we plan to fund that acquisition with cash on hand (from like-kind exchange sales) and an immaterial addition to our outstanding debt. We have begun to execute on and are pleased with the
Week 50 18•December•2019
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