Capital Markets
BNK Petroleum's Credit Facility Reaffirmed by Lender
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BNK Petroleum Inc. reported that Morgan Stanley Capital Group Inc. has reaffirmed the commitment amount under the Company's credit facility at US$24,400,000 . The other terms of the US$100,000,000 facility remain the same. The Company currently has US$22,600,000 outstanding under the facility, with US$1,800,000 available to utilize.
Wolf Regener , President and CEO said "We are pleased that MSCGI has reaffirmed our borrowing base during these challenging times in the oil and gas business. The favorable decline rates of our wells, the hedging that we have in place, our cost cutting efforts and the support of MSCGI have allowed us to weather the oil price downturn that the industry has been experiencing. We appreciate MSCGI's ongoing support and look forward to a long relationship with…
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