Mariner Energy gets confirmation of borrowing base, interest rates step up

New York, March 26 - Mariner Energy, Inc. said the borrowing base on its $1 billion secured revolving credit facility was reaffirmed at $840 million by its bank group.

The level has been the same since June 2008.

As part of the affirmation, interest on outstanding borrowings increased by 100 basis points and the commitment fee on unused capacity increased 50 bps.

Union Bank of California, NA and BNP Paribas are the lead banks on the facility.

"We appreciate the support from our banks in these uncertain times. In our view this reflects our strong performance in 2008 and our conservative business model," said Scott Josey, chairman, chief executive officer and president of Mariner Energy, in a news release.

Mariner Energy is a Houston-based independent oil and gas exploration, development, and production company.

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