EnerJex Resources, Inc. says that the borrowing base under its $100 million senior secured revolving line of credit with Texas Capital Bank, N.A. (TCB) has been increased from $38 million to $40 million and the maturity of this facility has been extended by three years to October 3, 2018. The current interest rate associated with this facility remains 3.3%.
As of June 30, 2014, the Company had $19 million borrowed under this credit facility, resulting in $21 million of immediately available liquidity which EnerJex is actively deploying across its vast portfolio of drilling and development opportunities in Colorado and Kansas. In addition, management expects the Company's borrowing base to increase significantly over time as EnerJex increases its oil and natural gas production and associated reserve value.