Goodrich Petroleum Gets Credit Boost
Goodrich Petroleum Corp., an oil and gas explorer and producer, said Thursday its bank group approved a boost in its credit facilities to help fund its drilling program in the Cotton Valley trend in Texas.
The company said its bank group approved a $45 million increase in the borrowing base to $150 million, effective immediately. Goodrich Petroleum said it also received a $20 million increase in a term loan, available to be drawn over the next 30 days.
Goodrich Petroleum also said it restructured the terms of one of its 2007 natural gas hedges, in which it received a $58,000 cash premium. The company agreed to reset the ceiling and floor prices on the hedge.
Goodrich Petroleum shares added 13 cents to $32.25 in morning trading on the New York Stock Exchange.
