On Aug. 21, LGX Oil + Gas Inc. (TSXV: OIL.V) said that it replaced its banking facility.
The new CA$30 million facility replaced the CA$25 million facility, LGX said. The new facility, entered into with the Alberta Treasury Branch, consists of a CA$20 million revolving demand credit facility and a CA$10 million nonrevolving term credit facility, the company added.
The facility will fund the two-well horizontal drilling program in the Big Valley Formation in the Alberta Bakken, the company said, noting that the project’s production guidance was increased by about 67% to 1,500 barrels of oil equivalent per day (boe/d), from 1,400 boe/d.
The next facility review is scheduled for May 31, 2015, LGX said.
Calgary, Alberta-based LGX Oil + Gas Inc. explores and develops oil and natural gas in southern Alberta.
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