Riley Exploration Permian Strengthens Financial Position with Credit Facility Extension

Riley Exploration Permian Enhances Credit Facility

On December 18, 2024, Riley Exploration Permian, Inc., publicly traded under the NYSE American ticker REPX, announced significant updates regarding its revolving credit facility that are aimed at bolstering its financial health and operational flexibility.

Key Details of the Credit Facility Amendment

The recent amendment to Riley Permian's senior secured revolving credit facility includes two critical improvements:

1. Extended Maturity: The maturity date has been postponed from April 2026 to December 2028, providing an extended timeframe for the company to manage its financing and commitments effectively.
2. Increased Borrowing Cap: The borrowing base has been raised by 7%, climbing from $375 million to a robust $400 million. This increase in the borrowing capacity will support the company's future investments and operational strategies.

3. Expanded Lender Syndicate: Riley Permian has grown its lending syndicate, now comprising a total of nine lenders. This diversification of financial partners not only enhances liquidity but also fosters stronger relationships within the banking community.

As of December 13, 2024, Riley Permian had drawn $117 million on its credit facility, leaving it with an impressive availability of $283 million for further operations or potential acquisitions. This substantial readiness illustrates the company’s preparedness to seize market opportunities swiftly.

Leadership Remarks

The management team at Riley Permian has expressed heartfelt gratitude to their banking partners for their unwavering support throughout this process. This collaborative effort showcases the company's robust standing within the financial sector and signals confidence in its growth trajectory.

About Riley Exploration Permian

Riley Exploration Permian, Inc. is a dynamic independent oil and natural gas company, strategically focused on the acquisition, exploration, development, and production of oil and gas resources in the United States. For those interested in further details, the company encourages visits to their official website at www.rileypermian.com.

In conclusion, the amendments to the credit facility place Riley Exploration Permian in a fortified position, enabling it to navigate the demanding landscapes of the petroleum industry confidently. With enhanced credit capabilities and a strategic plan for growth, Riley Permian is poised to expand its influence and capabilities in the oil and gas sector.