Voyager Oil & Gas, Inc. closed on a USD150 million credit facility with Macquarie Bank Ltd. To allow Voyager to accelerate development and production growth in the Williston Basin for Bakken and Three Forks well development, production growth and acquisition in the Williston Basin, the facility will be used to retire existing debt.
Secured by Voyager’s oil and gas assets and remaining other real and personal property, the credit facility was completed on 10 February 2012, as a two-tranche loan. Tranche A has an initial borrowing base of USD15 million and a face amount of USD100 million. Tranche B provides up to USD50 million for acquisitions and development. Portions of Tranche B may be converted to Tranche A upon the completion of Voyager’s semi-annual reserve updates. Royalty consideration or equity was no issued in connection with the Macquarie facility.