Houston Exploration seeks amendment to upsize revolver by $300 million

By Sara Rosenberg

New York, Nov. 8 - The Houston Exploration Co. is amending its revolving credit facility to increase the size to $750 million from $450 million, with an initial borrowing base of $600 million, according to a company news release.

The company is upsizing the facility to provide for additional acquisition liquidity and general corporate purposes.

The amendment is expected to be effective by Nov. 29.

Houston Exploration also announced on Tuesday that it intends to open a data room to qualified bidders in January 2006 for the sale of its Gulf of Mexico shelf assets.

Proceeds from the sale are expected to be used in multiple ways, which may include, but are not limited to, decreasing debt under the company's revolver, acquiring additional assets in U.S. onshore basins, paying for the recently announced $163 million acquisition in South Texas and potentially purchasing the company's stock.

Houston Exploration is a Houston-based natural gas and oil company.

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