CALGARY, Nov. 29, 2012 /CNW/ - GX Oil + Gas Inc. ("LGX" or the "Company") (TSXV: OIL) is pleased to announce that it has entered into a new $25 million banking facility replacing the existing $7 million facility. The new facility consists of a $20 million operating line and a $5 million acquisition/development line syndicated facility led by National Bank of Canada and includes Canadian Western Bank. The facility is a borrowing base facility subject to semi-annual review by the syndicate, with the next review scheduled for no later than May 1, 2013. The Company expects the facility will be in place by early December, subject to finalizing formal documentation. The closing of the previously announced bought deal financing along with the new credit facility provides the Company with significant financial flexibility to conduct its operations. LGX is a uniquely positioned, technically driven, junior oil and natural gas company with a proven management team committed to aggressive, cost‐effective growth of light oil reserves and production in large hydrocarbon in‐place assets and resource plays. LGX's common shares trade on the TSX Venture Exchange under the symbol OIL. Trent J. Yanko, P.Eng. President + CEO LGX Oil + Gas Inc. 4400, 525 - 8th Avenue S.W. Calgary, AB T2P 1G1 Telephone: 403.441.2300 Fax: 403.441.2017 Matt Janisch, P.Eng. Vice-President, Finance + CFO LGX Oil + Gas Inc. 4400, 525 - 8th Avenue S.W. Calgary, AB T2P 1G1 Telephone: 403.441.2300 Fax: 403.441.2017 SOURCE: LGX Oil + Gas Inc. To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/November2012/29/c4985.html CO: LGX Oil + Gas Inc. ST: Alberta NI: OIL LOAN MNA -0- Nov/29/2012 23:37 GMT
LGX Oil + Gas Inc. Enters into $25 Million Bank Facility
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