A subsidiary of Austin-based Border to Border Exploration will use the proceeds to develop acreage across the Austin Chalk Trend in Tyler, Polk and Jasper counties.
Border to Border Exploration CEO Matt Telfer said that the financing that GE Energy Financial Services is providing will help Border accelerate its drilling program, employing operational innovations acquired while drilling over the past three years.
"We have concentrated on the most oil-prone part of the trend and expect high-volume, naturally flowing wells with rapid payouts," Telfer said.
The financing package, with an initial borrowing base set at $55m, is representative of the customized solutions that GE Energy Financial Services provides to its customers to help them grow, the company said.
Since 1991, GE Energy Financial Services’ oil and gas team has provided more than $4.5bn in partnership equity and debt to independent private and public oil and gas operators in the US.
