Fundare Resources gets $500 million reserve-based revolver

By Wendy Van Sickle

Columbus, Ohio, Dec. 12 – Fundare Resources Co., LLC entered into a reserve-based revolving credit agreement with an initial commitment amount of $500 million and an initial borrowing base of $120 million, according to a news release.

Fundare Redtail, LLC is the borrower. The syndicate of lenders is led by BOK Financial as administrative agent. KeyBanc Capital Markets served as joint lead arranger and UMB Bank served as syndication agent.

The credit facility will be used to refinance existing debt, to fund future development of the borrower’s oil and gas properties and for other corporate development opportunities and general corporate purposes.

“The closing of our new credit facility marks a significant step in the company’s evolution. We are excited to accelerate development of the Fundare Redtail assets,” Cody Truitt, president and chief executive officer of Fundare, said in the release. “We’ve recently received approval from the [Colorado Oil and Gas Conservation Commission] to drill and complete an eight-well pad in Weld County and expect to expand development activities in the spring.”

Fundare Resources, a private oil and gas company, is based in Denver.

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