Shoreline Eyes $2.75MM Loan for Niobrara Operations
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Shoreline Energy Corp. has entered a letter of intent with Acceleration Resources LLC, a U.S.-based oil and gas investment firm.
The Letter of Intent envisions a loan of up to $2,750,000 in principal amount and a joint venture for up to $50mm of investment over time into Shoreline's Niobrara assets.
Management believes there are a number of advantages to the proposed Joint Venture and New Facility, including:
Dramatically reduce Shoreline's debt, fully repaying an existing high interest debt facility of $5,000,000. Furthering the Company's goal of achieving a debt to cash flow ratio of between 1.8 and 2.5 in 12 months. Providing sufficient cash to complete its short term drilling projects in the Wattenberg field and further developing its high impact Montney discoveries in…- ✓ Full news archive — U.S., Canada & international coverage
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