Finance & Investing | General News | Capital Markets
Bakken-Focused PetroShale Unveils New Corporate Structure
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PetroShale has detailed the new corporate structure of PetroShale (US), Inc., the execution of a new three year revolving credit facility with Independent Bank of Dallas, Texas, and the execution of a new one year revolving credit facility with the Todd Slawson Trust.
The new structure of PetroShale (US), Inc., a subsidiary of PetroShale Inc., involved the creation of PetroShale (US) Land 1 LLC and PetroShale (US) Production LLC (Production LLC) as wholly owned subsidiaries. Production LLC primarily holds proved producing assets, whereas Land LLC holds our leased US acreage and new wells.
The Independent Bank $50 million dollar revolving line of credit has a 36 month term, expiring August 31st, 2016, with an initial borrowing base of $3 million secured by the assets of Production LLC. The…
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