Turning to liquidity, we exited the second quarter with $158 million drawn on our senior credit facility, with a borrowing base of $265 million giving us unused borrowings plus cash on hand of approximately $109 million. In addition, we will deliver our mid-year reserve for a track block bank group in the near future, and expect to have a revised volume base near the end of the third quarter.Finally, we are pleased to announce the execution of a Letter of Intent to sell our South Henderson assets for $95 million. This transaction, which is expected to close by the end of the third quarter, will further enhance our liquidity, allow us to efficiently redeploy capital from natural gas assets through the numerous oil development opportunities, in particular the early stage development of the TMS, which we are very fortunate to have in our inventory.
Goodrich Petroleum's CEO Discusses Q2 2012 Results - Earnings Call Transcript
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