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Montage Resources boosts borrowing base to $500M

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Montage Resources boosts borrowing base to $500M

Montage Resources Corp.'s total borrowing base increased by 25% to $500 million, from $400 million, following a redetermination by participating lenders in its revolving credit facility.

The Appalachian shale gas driller also expanded its lending group to 15 financial institutions, from 13, according to a Sept. 23 news release. The company said the $100 million increase would have allowed its liquidity, pro forma for the borrowing base redetermination, to reach about $353 million as of the end of the second quarter.

"The company remains highly focused on keeping our leverage low, maintaining our strong balance sheet and generating free cash flow by the end of 2019," Montage President and CEO John Reinhart said in the release. "Our near-term outlook remains unchanged and our one operated rig program continues to reflect our forecasted level of activity in the current commodity price environment."

Montage has roughly 218,000 net effective undeveloped acres focused on the Utica and Marcellus shales of southeast Ohio, West Virginia and north-central Pennsylvania. It was known as Eclipse Resources Corp. before it merged with Blue Ridge Mountain Resources Inc. earlier this year.