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BNK Petroleum Inc. Announces Credit Facility Reaffirmation
BNK Petroleum Inc. Announces Credit Facility Reaffirmation BNK Petroleum Inc. Anno...
About this update from Kolibri Global Energy Inc
[{"type":"text","content":"\n\n\n\nBNK Petroleum Inc. Announces Credit Facility Reaffirmation\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nBNK Petroleum Inc. Announces Credit Facility Reaffirmation\nCanada NewsWire\nCAMARILLO, CA, May 10, 2016\n\n\n\nCAMARILLO, CA, May 10, 2016 /CNW/ - BNK Petroleum Inc. (the \"Company\") (TSX: BKX) is pleased to announce that Morgan Stanley Capital Group Inc. (\"MSCGI\") has reaffirmed the commitment amount under the Company's credit facility at US$24,400,000.  The other terms of the US$100,000,000 facility remain the same.  The Company currently has US$22,600,000 outstanding under the facility, with US$1,800,000 available to utilize.\n\nWolf Regener, President and CEO said \"We are pleased that MSCGI has reaffirmed our borrowing base during these challenging times in the oil and gas business. The favorable decline rates of our wells, the hedging that we have in place, our cost cutting efforts and the support of MSCGI have allowed us to weather the oil price downturn that the industry has been experiencing.  We appreciate MSCGI's ongoing support and look forward to a long relationship with them in helping us grow the Company.\"\n\nThe facility bears interest at a per annum rate equal to then three month LIBOR plus an applicable margin ranging from 2% to 7% based on a number of factors including the ratio of outstanding borrowings to a calculated borrowing base level and individual well value concentration. The facility provides for interest only payments until the July 2018 maturity date.  \n\nAbout BNK Petroleum Inc.\n\nBNK Petroleum Inc. is an international oil and gas exploration and production company focused on finding and exploiting large, predominately unconventional oil and gas resource plays. Through various affiliates and subsidiaries, the Company owns and operates shale oil and gas properties and concessions in the United States and Spain. Additionally the Company is utilizing its technical and operational expertise to identify and acquire additional unconventional projects. The Company's shares are traded on the Toronto Sto...