Black Ridge Oil & Gas, an exploration and production company focused on non-operated Bakken and Three Forks properties, entered into a $50 million first lien revolving credit facility (the "Senior Credit Facility") with Cadence Bank, N.A. and a $75 million second lien term loan facility (the "Subordinated Credit Facility") with Chambers Energy Management, LP.

The Senior Credit Facility has an initial availability of $7 million, which was established based on the Company's year-end 2012 proved reserves.  This borrowing base is subject to periodic redeterminations based on changes to the Company's reserve base.  The Senior Credit Facility will mature August 8, 2016.

The Subordinated Credit Facility has a maximum aggregate principal amount of $75 million and has an initial availability of $25 million. The Company expects the availability to increase as it continues to acquire and develop new, high value leaseholds in the heart of the Bakken and Three Forks development fairway. The Subordinated Credit Facility will mature on June 30, 2017. KeyBanc Capital Markets Inc. served as the Company's financial advisor in connection with the Subordinated Credit Facility.

Black Ridge intends to use these two new facilities to accelerate the growth of the Company's footprint in the Bakken and Three Forks trends through potential working interest and/or leasehold purchases, development of wells on the company's existing leases, and retiring the existing credit facility with Dougherty Funding LLC ("Dougherty").  At June 30, 2013, the principal amount outstanding on the Dougherty loan was $7.9 million and the total availability was $16.5 million.

Black Ridge Oil & Gas is an oil and gas exploration and production company based in Minnetonka, Minnesota. Black Ridge's focus is exclusive to the Williston Basin Bakken and Three Forks trend in North Dakota and Montana.