CLG Energy Finance LLC, an affiliate of Beal Bank, announces a US $350 million facility with ERG Resources LLC.

According to the release, the ERG financing provides their management team with the funding to continue the development of its asset base in Southern California.

ERG will use the proceeds from the debt facility primarily to refinance debt and to fund capital expenditure requirements in its Cat Canyon field. This facility also includes an accordion feature that would provide ERG with up to US $450 million of gross loan proceeds, funded ...