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Trinidad Drilling Increases Credit Limit

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Trinidad Drilling Ltd. has announced that it has amended its credit facilities, including extended terms and additional commitments under the US dollar denominated revolving facilities.

Lyle Whitmarsh, Trinidad's Chief Executive Officer said: "The extension and amendment to our existing credit agreement provides Trinidad with added financial flexibility.

Our credit facility remains undrawn currently; however the increased capacity and altered currency split aligns with Trinidad's long term strategy to grow its business when commodity prices improve. We will continue to manage our leverage, maintaining a conservative balance sheet while also pursuing opportunities to add value for our shareholders."

Trinidad's amended credit facilities now include a Canadian revolving facility of C$200 million and a US revolving facility of US$200 million, an increase from C$200 million and US$100 million previously. The facilities mature on December 12, 2018 with an annual renewal. The interest rates associated with the credit agreement incorporate a tiered interest rate, which varies depending on the results of the leverage ratio.

The amended credit agreement is jointly led by Royal Bank of Canada (RBC) and Wells Fargo Bank, N.A. (Wells Fargo), with RBC acting as the agent for the Canadian credit facilities and Wells Fargo, acting as the agent for the US credit facilities.