Seven Generations'' Lenders Extend $850 Million Credit Facility
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 06/01/16 -- Seven Generations Energy Ltd.''s (TSX: VII) lenders have renewed and extended the company''s $850 million credit facility following a scheduled redetermination of its borrowing base.
"We appreciate the ongoing support from our lending syndicate of 10 financial institutions. In the past six months, we have increased our reserves, the basis for our borrowing capacity, and have improved our financial strength as we continue to grow production and cash flow from our Kakwa River Project," said Chris Law, Chief Financial Officer at Seven Generations.
The credit facility was extended by one year to May 2019 and is subject to a semi-annual redetermination in the fall and spring of each year. At the end of the first quarter of 2016, Seven Generations had approximately $1.3 billion of available funding, which included amounts available under the credit facility.
Seven Generations Energy
Seven Generations is a low-supply-cost, high-growth Canadian natural gas developer generating long-life value from its liquids-rich Kakwa River Project, located about 100 kilometres south of its operations headquarters in Grande Prairie, Alberta. Seven Generations'' corporate headquarters are in Calgary and its shares trade on the TSX under the symbol VII.
Further information about Seven Generations is available on the company''s website: .
Reader Advisory
"Available funding" is comprised of adjusted working capital and the undrawn credit facility capacity. Adjusted working capital is comprised of current assets less current liabilities and excludes (current) risk management contracts and deferred credits. The "available funding" measure is not defined under International Financial Reporting Standards, but is a measure that allows management and other users to evaluate Seven Generations'' short term liquidity. For additional information about "available funding" please refer to "Non-IFRS Financial Measures" in Seven Generations'' Management''s Discussion and Analysis dated May 3, 2016 for the three months ended March 31, 2016.
Contacts:
Investor Relations
Chris Law, Chief Financial Officer
Brian Newmarch, Director, Capital Markets
403-767-0752
Media Relations
Alan Boras
Director, Communications and Stakeholder Relations
403-767-0772
Seven Generations Energy Ltd.
Suite 300, 140 - 8th Avenue SW
Calgary, AB T2P 1B3
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 01.06.2016 - 05:00 Uhr
Sprache: Deutsch
News-ID 1438688
Anzahl Zeichen: 2242
contact information:
Contact person:
Town:
CALGARY, ALBERTA
Phone:
Kategorie:
Oil & Gas
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 274 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Seven Generations'' Lenders Extend $850 Million Credit Facility
"
steht unter der journalistisch-redaktionellen Verantwortung von
Seven Generations Energy Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
