Riley Permian Announces Credit Facility Extension and Increase in Borrowing Base

Rhea-AI Summary

Riley Exploration Permian (NYSE: REPX) has announced significant amendments to its senior secured revolving credit facility. The key changes include extending the facility maturity from April 2026 to December 2028, a 7% increase in borrowing base and commitment levels from $375 million to $400 million, and an expansion of the lending syndicate to nine total lenders. As of December 13, 2024, the company had drawn $117 million on the facility, leaving $283 million in available credit.

Positive

• Extension of credit facility maturity by 2.5 years to December 2028
• 7% increase in borrowing base to $400 million
• Significant available credit of $283 million
• Expansion of lending syndicate indicating strong banking relationships

Negative

• Current credit facility utilization of $117 million represents debt burden

Insights

Financial Analyst

The credit facility amendment represents a significant positive development for Riley Permian, strengthening its financial flexibility and liquidity position. The $25 million increase in borrowing base to $400 million reflects lenders' confidence in the company's assets and operations. With only $117 million drawn and $283 million available, REPX maintains substantial unused capacity for potential growth initiatives or buffer against market volatility. The 2.5-year maturity extension to December 2028 provides enhanced long-term financial stability. The expansion of the lending syndicate to nine members further diversifies funding sources and strengthens banking relationships. This improved credit facility positions REPX well for executing its strategic plans while maintaining financial flexibility.

OKLAHOMA CITY, Dec. 18, 2024 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian" or the "Company") today announced that it recently completed an amendment to its senior secured revolving credit facility ("Credit Facility").

Credit Facility Amendment Highlights:

• Extended the facility maturity from April 2026 to December 2028
• Increased the borrowing base and commitment levels by 7% from $375 million to $400 million
• Increased the syndicate to nine total lenders

As of December 13, 2024, the Company had $117 million drawn on the Credit Facility with $283 million of availability.

The management team and board of directors of Riley Permian extend their gratitude to the banking syndicate partners for their continued support.

About Riley Exploration Permian, Inc.
Riley Permian is a growth-oriented, independent oil and natural gas company focused on the acquisition, exploration, development and production of oil, natural gas, and natural gas liquids. For more information please visit www.rileypermian.com.

Investor Contact:

Rick D'Angelo
405-438-0126
IR@rileypermian.com

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SOURCE Riley Exploration Permian, Inc.

FAQ

What is the new borrowing base for Riley Permian (REPX) after the December 2024 credit facility amendment?

Riley Permian's borrowing base increased by 7% from $375 million to $400 million following the December 2024 credit facility amendment.

When does Riley Permian's (REPX) amended credit facility mature?

The amended credit facility matures in December 2028, extended from the previous maturity date of April 2026.

How much available credit does Riley Permian (REPX) have as of December 13, 2024?

Riley Permian has $283 million in available credit, with $117 million drawn on the facility as of December 13, 2024.

How many lenders are in Riley Permian's (REPX) banking syndicate after the December 2024 amendment?

Following the December 2024 amendment, Riley Permian's banking syndicate expanded to include nine total lenders.