Lario Oil & Gas Gets $600M Credit

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 This material may not be published, broadcast, rewritten or redistributed.)

Comments

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Denver

NEWS TEAM
BRONCOS CENTRAL

Listen Live

AM/FM Stations

Featured Shows & Multimedia