Broad Oak Energy Borrowing Base Grows by $250 Million
Dallas-based Broad Oak Energy’s bank group increased the company’s borrowing base by $90 million, or 56%, to a total of $250 million, which follows a $60-million increase in February.
The company’s daily net production recently surpassed 9,000 Barrels of Oil Equivalent Per Day, up from 4,800 BOEPD in March, and expected to continue to grow apace with ongoing drilling activity.
Broad Oak’s operations are centered on the Wolfberry Play in the Midland Basin where it has drilled 271 wells to date. The company has identified more than 1,500 drilling locations over its 65,000-acre lease position and plans to drill approximately 240 of the locations over the next 12 months.