FORT WORTH, Texas, Nov. 30, 2016
FORT WORTH, Texas, Nov. 30, 2016 /PRNewswire/ -- Lonestar Resources US, Inc. (NASDAQ: LONE) (together with its subsidiaries, "Lonestar") announced that effective November 23, 2016, the Company received notification that the borrowing base under its Revolving Credit Facility was reduced from $120.0 million to $112.0 million. This reduction gives effect to Lonestar's recent sale of our non-core Conventional Assets, which generated $15.8 million of proceeds. The Company views this redetermination as favorable, considering that at its last redetermination, the Conventional Assets contributed an estimated $11 million to the borrowing base. At September 30, 2016, and prior to the sale of the Conventional Assets, Lonestar had $94.5 million outstanding on the Revolving Credit Facility.
Additionally, its redeterminations are now scheduled semi-annually to occur on May 1 and November 1 of each year. The Company's next borrowing base redetermination is scheduled for May 1, 2017.
Lonestar's Chief Executive Officer, Frank D. Bracken, III, remarked, "We are pleased with the results of the fall redetermination, as I believe it underpins the quality of our Eagle Ford Shale asset base, and provides continued liquidity to the Company."
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SOURCE Lonestar Resources US, Inc.