Daybreak Oil and Gas Inc. (
The advance was effective Aug. 21, the company said.
There is a combined $3.2 million in additional capital, which will support drilling of four development wells on Daybreak’s Twin Bottom Fields acreage in Kentucky. The amount will also provide funds to App Energy LLC, Daybreak’s Kentucky drilling partner, for App’s portion of the wells, the company said.
Additionally, the interest rate on the loan under the facility was reduced to 9% yearly from 12% yearly, the company noted.
The updates to the credit facility were supported by Daybreak’s buyback of about 5.7 million of its common shares held by Maximilian, the company noted. Maximilian still holds share purchase warrants for about 6.5 million common shares, the company said.
Spokane, Wash.-based Daybreak Oil and Gas Inc. develops and produces domestic oil and natural gas.
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