EXHIBIT 99.1
WESTERN GAS RESOURCES,
INC.
INCREASES CAPACITY OF REVOLVING
CREDIT FACILITY
DENVER, November 22,
2005 . Western Gas
Resources, Inc. (“Western” or the
“Company”) (NYSE:WGR) today announced that on
November 22, 2005 it amended and increased the capacity of its
existing $580 million revolving credit facility. The amended
and restated credit agreement is with a syndicate of banks, led by
the Bank of America, N.A. (“Bank of America”), under
which the banks have extended to Western a $700 million five-year
senior revolving credit facility. Loans made under this
revolving credit agreement are secured by a pledge of the capital
stock of Western’s significant subsidiaries, and a guaranty
by Western’s significant domestic subsidiaries of the
payments owed under the credit agreement.
Each loan bears interest at a
Eurodollar rate or a base rate, as requested by Western, plus an
applicable percentage based on Western’s debt to
capitalization ratio. The base rate is the higher of the
Federal Funds Rate plus one-half of one percent or Bank of
America’s published prime rate. In addition, under the
terms of the $700 million credit agreement, Western pays a
commitment fee quarterly in arrears based on a percentage (between
10 and 30 basis points depending on Wes
