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SMALL BUSINESS
Forest Oil says no changes in borrowing terms
AP
DENVER -Forest Oil Corp. said Monday that its lenders reaffirmed the company's borrowing base of $1.62 billion in connection to credit facilities that mature in 2012.
The bank group still has $1.8 billion in commitments and there were no changes in terms of the borrowing, the company said.
Forest said as of Sept. 30 it had borrowed $453 million from its credit facilities. The company said it had repaid $232 million since June 30 and had about $1.2 billion available.
The borrowing base of energy companies can fluctuate based on the value of their collateral and loan balances.
Recently, oil and gas producer Vanguard Natural Resources LLC increased its borrowing base by pledging additional oil and natural gas assets, while Denbury Resources Inc. saw its borrowing base cut after it sold natural gas assets.
Shares of Forest Oil rose $1.19, or 5.8 percent, to close at $21.90.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-12 16:50:37
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