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Blackpearl's Borrowing Base Chopped; Expands Oil Hedges
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BlackPearl Resources Inc. reported the completion of the semi-annual review of its credit facilities with its syndicated group of lenders. As a result of this review the maximum borrowing amount has been reduced from $150 million to $117.5 million.
The lenders have agreed to extend the revolving period to May 27, 2017, which may be extended in the future at the discretion of the lenders. If the revolving period is not extended any balance owing on the facilities would be required to be repaid by May 26, 2018. The pricing grid used to calculate the interest rates charged on the loans and stand-by fees remain unchanged. The next borrowing base review is scheduled to occur by November 30, 2016.
The Company currently has $80 million drawn on its credit facilities, $8 million lower than at…
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