Lenders for Advantage Oil & Gas Ltd. (NYSE: AAV) increased the borrowing base of the company’s credit facility to C$400 million, up from $300 million, the company said May 29.
The amount was increased because of “significant growth” in proven developed producing reserves, and the increased production at the Glacier, Alberta section, Advantage said.
Advantage plans to increase production at Glacier, through its Phase VII capital development program, to 183 million cubic feet equivalent per day, the company said.
On March 31, the company had about $84.7 million in bank debt, and $315 million in available credit, Advantage said.
Calgary, Alberta-based Advantage Oil & Gas Ltd. develops natural gas in the Montney play.
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