LGX Oil + Gas Inc. enters into $25 million bank facility
Friday, Nov 30, 2012LGX Oil + Gas Inc. ("LGX" or the "Company") (TSXV: OIL) is pleased to announce that it has entered into a new $25 million banking facility replacing the existing $7 million facility. The new facility consists
of a $20 million operating line and a $5 million acquisition/development line syndicated facility led by National Bank of Canada and includes Canadian Western Bank. The facility is a borrowing base facility subject to semi-annual review by the syndicate, with the next review scheduled for no later than May 1, 2013. The Company expects the facility will be in place by early December, subject to finalizing formal documentation. The closing of the previously announced bought deal financing along with the new credit facility provides the Company with significant financial flexibility to conduct its operations.
LGX is a uniquely positioned, technically driven, junior oil and natural gas
company with a proven management team committed to aggressive, cost effective growth of light oil reserves and production in large hydrocarbon in place assets and resource plays. LGX's common shares trade on the TSX Venture Exchange under the symbol OIL.
SOURCE LGX Oil + Gas Inc.
To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today