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.
Recommended Reading
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
Equitrans Midstream Announces Quarterly Dividends
2024-04-23 - Equitrans' dividends will be paid on May 15 to all applicable ETRN shareholders of record at the close of business on May 7.
SLB’s ChampionX Acquisition Key to Production Recovery Market
2024-04-21 - During a quarterly earnings call, SLB CEO Olivier Le Peuch highlighted the production recovery market as a key part of the company’s growth strategy.
PHX Minerals’ Borrowing Base Reaffirmed
2024-04-19 - PHX Minerals said the company’s credit facility was extended through Sept. 1, 2028.
Air Products Sees $15B Hydrogen, Energy Transition Project Backlog
2024-02-07 - Pennsylvania-headquartered Air Products has eight hydrogen projects underway and is targeting an IRR of more than 10%.