Laredo Drilling Program Demonstrates Positive Momentum
May 13, 2009
Laredo Petroleum, Inc. announced today that its eight member bank group, led by Bank of America, N.A., has increased its available bank line by $50 million, effective May 7, 2009 to a total of $180 million. This follows a $25 million increase in December 2008. The bank credit line is in addition to Laredo's initial $300 million equity program, which was increased to $600 million in October 2008 with Warburg Pincus and Laredo Management.
"This is a tremendous show of confidence in Laredo's continued growth through its successful drilling program and will provide additional funds as we continue to develop our vast potential," said Randy Foutch, Chairman & CEO, Laredo Petroleum.
Laredo's program has produced more than 1,500 additional drilling locations as the company continues to acquire and develop natural gas and oil reserves in the Mid-Continent and Permian Basin. These results are evidence of Laredo's successful implementation of its strategy to build a long term, sustainable E&P company through acquisitions, joint ventures and aggressive, internally-generated development and exploration drilling programs.
Laredo Petroleum, Inc. is an exploration and production company with headquarters in Tulsa, Oklahoma. Laredo's strategy is to make strategic acquisitions and participate in drilling joint ventures having upside potential in the targeted area of the Mid-Continent and Permian Basin Regions of the United States. The Company acquires and develops both natural gas and oil reserves and strategic gathering systems. Laredo actively seeks and evaluates acquisition opportunities where the Company can create value through operational improvements, gathering system expansion, development drilling, and exploration upside on and around the acquired properties. For more information, please visit www.laredopetro.com.
About Warburg Pincus
Warburg Pincus is a leading global private equity firm. The firm has more than $25 billion in assets under management. Its active portfolio of more than 100 companies is highly diversified by stage, sector and geography. Warburg Pincus is a growth investor and an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 12 private equity funds which have invested more than $29 billion in approximately 600 companies in 30 countries. The firm has offices in Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, San Francisco and Tokyo. For more information, please visit www.warburgpincus.com.
Chief Financial Officer, Laredo Petroleum