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PDC Energy Extends Maturity Of Its Revolving Credit Facility To 2018 With Post-Divestiture Borrowing Base Of $450 Million

Stocks in this article: PDCE

DENVER, May 23, 2013 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (Nasdaq:PDCE) today announced that on May 21, 2013, the Company entered into its third amended and restated credit agreement with its current group of lenders led by JPMorgan Chase Bank, N.A., as Administrative Agent. The new facility maintained the Company's borrowing base at $450 million post the planned divestiture of non-core Colorado natural gas assets, subject to normal semi-annual redetermination, and extended the maturity date by approximately two and one-half years to May 21, 2018. The new facility also amends certain other provisions, including a reduction of the applicable interest rate on its borrowing options and increased flexibility for hedging positions related to the Company's expected production.

Gysle Shellum, Chief Financial Officer, stated, "We felt the timing was right to extend the maturity of our revolver, and we are pleased with the improved pricing and borrowing base of $450 million considering the pending sale of our non-core Colorado gas properties. We expect to substantially fund our 2013 capital program with proceeds from the divestiture and cash flow from operations, and to exit the year with an expanded borrowing base and ample liquidity."

Upcoming Investor Presentations

PDC management is currently scheduled to present at the IBERIA Capital Partners' Oil & Gas Day in New York, New York, on Thursday, May 23, 2013, at 11:15am ET, and at the SunTrust Play by Play Conference in New York, New York, on Thursday, May 30, 2013, at 1:35pm ET. Please see the Company's website at www.pdce.com for full details. The related slide presentations are expected to be available on the Company's website immediately prior to the events.

About PDC Energy, Inc.

PDC Energy is a domestic independent energy company engaged in the exploration, development and production of crude oil, NGLs and natural gas. Its operations are focused primarily in the liquid-rich Wattenberg Field of Colorado, including the horizontal Niobrara and Codell plays, the Utica Shale in Ohio and the Marcellus Shale in West Virginia. PDC is included in the S&P SmallCap 600 Index and the Russell 3000 Index of Companies.

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