BNK Petroleum (US) Inc., a wholly owned subsidiary of BNK Petroleum Inc. (TSXV: BKX), has obtained a new US $76 million credit facility from Morgan Stanley Capital Group Inc.
The initial commitment amount of the new reserve-based facility is US $61 million with an additional uncommitted amount of US $15 million available at the discretion of Morgan Stanley. A portion of the proceeds from the initial advance under the new facility were used to repay BNK US' existing senior first lien secured credit facility, which had a fully drawn borrowing base of US $32 million.
Proceeds will be used to fund drilling of Sycamore/Caney and Woodford wells in the Tishomingo field and general corporate purposes, including the company's European activities.
Based in Camarillo, Calif., BNK Petroleum Inc. is an international oil and gas E&P company focused on finding and exploiting large, predominately unconventional oil and gas resource plays.