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Lario Oil & Gas Gets $600M Credit

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(credit: lariooil.com)

(credit: lariooil.com)

DENVER (AP) — Lario Oil & Gas says a $600 million credit facility it has negotiated with Wells Fargo and others gives it flexibility as it expands in regions where hydraulic fracking has created an oil boom.

In a statement released Monday by its Denver office, Lario said Wells Fargo and JP Morgan were the joint lead arrangers of the facility, and that Bank of America, US Bank and Regions Bank were participating in the financing syndicate.

Lario says it is seeking to expand drilling in West Texas’s Permian Basin, the Mid-Continent of Kansas and Oklahoma, and the Bakken patch, which has drawn thousands of people to eastern Montana and western North Dakota since 2008.

Lario’ president and CEO, Mike O’Shaughnessy, says hydraulic fracturing is unlocking the area’s vast resources.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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