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Lotus Creek Exploration Inc. Announces Non-Core Asset Disposition and Completion of the Borrowing Base Review
Calgary, Alberta--(Newsfile Corp. - April 22, 2026) - Lotus Creek Exploration Inc. (TSXV: LT...
About this update from Lotus Creek Exploration, Inc.
[{"type":"text","content":"Lotus Creek Exploration Inc. Announces Non-Core Asset Disposition and Completion of the Borrowing Base ReviewCalgary, Alberta--(Newsfile Corp. - April 22, 2026) - Lotus Creek Exploration Inc. (TSXV: LTC) (\"Lotus Creek\" or the \"Company\") is pleased to announce that today the Company has sold its non-core assets located in Tableland, Saskatchewan (the \"Tableland Assets\") to an arm's length third party (the \"Purchaser\") for aggregate proceeds of $13.0 million (the \"Transaction\"). The Transaction was completed pursuant to an asset purchase and sale agreement between the Company and the Purchaser entered into on April 22, 2026. The average production from the Tableland Assets in March 2026 comprised of approximately 300 boe/d (80% crude oil), primarily from the Bakken and Torquay formation. The Company intends to use the proceeds to repay the debt outstanding under its credit facilities. The Company's semi-annual borrowing base review with ATB Financial was completed on April 21, 2026, extending the maturity date of the credit facilities to May 31, 2028, with no change to the Company's $40.0 million borrowing base. The Company will provide an update to shareholders on April 27, 2026 in conjunction with the release of its Q1 2026 financial results. FOR FURTHER INFORMATION ABOUT LOTUS CREEK PLEASE CONTACT:Kevin JohnsonPresident & CEO403-538-8435Email: [email protected]: www.lotuscreek.caMitchell HarrisVP Finance & CFO 403-444-1465 Forward-looking Information and Statements This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words \"expect\", \"anticipate\", \"continue\", \"estimate\", \"objective\", \"ongoing\", \"may\", \"will\", \"project\", \"should\", \"believe\", \"plans\", \"intends\", \"strategy\" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to the following: the intended use of the net proceeds from the Transaction; and the intent of the Company to provide a further update to shareholders on April 27, 2026 in conjunction with the release of its Q1 2026 financial results. The forward-looking information and stateme...