Alta Mesa Holdings has sold a portion of its working interest in the Deep Bossier Hilltop area located largely in Leon County, Texas for approximately $19 million in cash. The wells and production sold were primarily non-operated, with total estimated net proved reserves of 11.2 BCFE. Additionally, Alta Mesa announced a "bolt on" acquisition of producing and undeveloped oil and gas assets in and around the Weeks Island field for approximately $45 million in cash. Total estimated net proved reserves associated with the acquisition are 1.8 million BOE.
Alta Mesa's lenders completed a redetermination of the Company's borrowing base under its senior secured revolving credit facility. Pursuant to the terms of the reserve-based revolving line of credit, the borrowing base has been increased by the lenders to $385 million. This represents an increase of $55 million over the previous level of $330 million. Alta Mesa currently has approximately $291 million outstanding under the updated revolving line of credit.