January 17, 2018

Core Appalachia Announces New $500 Million RBL Credit Facility

Charleston, West Virginia

Core Appalachia (“Core” or the “Company”), a leading oil and gas producer in Southern Appalachia, announced today that it has entered into a new $500 million, five-year senior secured revolving credit facility (“RBL”) led by KeyBank N.A. The Company plans to use the RBL along with its operating cash flows to execute accretive upstream and midstream acquisitions in the Southern Appalachian region, fund drilling of targeted locations on the Company’s substantial lease position, and for working capital and general corporate purposes. Core Appalachia was advised on the transaction by Houlihan Lokey.

Core Appalachia President and Chief Executive Officer Jim Rode said, “With a supportive bank group and equity sponsor, we are ideally positioned for growth through acquisitions and drilling activities. Since its inception, Core Appalachia has been focused on acquiring and developing conventional, long-lived natural gas assets and accompanying midstream infrastructure to be the leading operator in Southern Appalachia.”

“The placement of a new credit facility marks another milestone for the growth of Core, enabling us to execute on near-term drilling and acquisition opportunities,” commented Conner Searcy, the Managing Partner of Trive.

Trive Managing Director Blake Bonner commented, “This provides Core with liquidity and capital to bolster its acquisition strategy in Southern Appalachia and demonstrates the strength of the Company’s reserve base. We are excited to partner with the bank group and are confident that the transaction will enhance our success as we continue to expand the business.”


About Core Appalachia

Core Appalachia is a privately held, independent producer, gatherer and processor of natural gas with operations in Kentucky, Virginia and West Virginia. Headquartered in Charleston, West Virginia, Core is focused on long-life natural gas assets, with an operated asset base and in-place infrastructure located in the heart of Southern Appalachia. Acquired from Chesapeake Energy in December 2016, Core has 5,200 conventional wells strategically positioned throughout 1.2 million acres of leasehold in the Southwestern Appalachian Basin.  Additionally, Core owns and operates 4,200 miles of gathering pipelines connected to two natural gas liquids processing plants and a CO2 separation plant.

About Trive

Trive Capital is a Dallas, Texas based private equity firm with more than $7 billion of regulatory assets under management. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for transformational upside through operational improvement. We seek to maximize returns through a hands-on partnership that calls for identifying and implementing value creation ideas.

The Trive team is comprised of seasoned investment professionals who have been involved in over 100 middle-market transactions representing in excess of $6 billion in revenue across Trive’s targeted industry sectors and situations.

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