Belco Announces $150 Million Revolving Credit Facility Reaffirmed.NEW YORK--(BUSINESS WIRE)--Dec. 22, 1998--Belco Oil & Gas Corp. (NYSE NYSE See: New York Stock Exchange : BOG bog, very old lake without inlet or outlet that becomes acid and is gradually overgrown with a characteristic vegetation (see swamp). Peat moss, or sphagnum, grows around the edge of the open water of a bog (peat is obtained from old bogs) and out on the surface. ) announced today that its bank syndication group unanimously reaffirmed its borrowing base at $150 million in connection with the proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. attributable to the Company's oil and gas properties. Currently, there are $35 million of borrowings outstanding. Robert A. Belfer, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Belco stated, "The bank group clearly recognizes Belco's healthy financial condition and strong cash flow bolstered bol·ster n. A long narrow pillow or cushion. tr.v. bol·stered, bol·ster·ing, bol·sters 1. To support or prop up with or as if with a long narrow pillow or cushion. 2. by our substantial hedge position." Belco is an independent energy company engaged in the exploration, development, acquisition and production of natural gas and oil. This press release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although BOG believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those in the forward looking statements herein include the timing and extent of changes in commodity prices for oil and gas, the need to develop and replace reserves, environmental risks, drilling and operating risks Operating risk The inherent or fundamental risk of a firm, without regard to financial risk. The risk that is created by operating leverage. Also called business risk. , risks related to exploration and development, uncertainties about the estimates of reserves, competition, government regulation and the ability of the Company to meet its stated business goals. |
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