Mr. George Fink reports
BONTERRA ENERGY CORP. ANNOUNCES EXTENSION OF BANK LINE REDETERMINATION DATE
Bonterra Energy Corp. has executed an amending agreement with its syndicate of lenders to extend the annual borrowing base redetermination date on its credit facility from June 30, 2020, to July 15, 2020.
This extension provides the company and its lending syndicate additional time to assess the impact of developments in current market dynamics, including the proposed programs initiated by the federal government through Export Development Canada and Business Development Bank of Canada, and to establish a credit facility renewal that underpins Bonterra's continuing financial flexibility. Consistent with the extension agreement announced on June 1, 2020, the extension requires unanimous lender consent for any advance that results in the aggregate principal amount outstanding under the credit facility to exceed $300-million.
Bonterra Energy is a conventional oil and gas corporation with operations in Alberta, Saskatchewan and British Columbia, focused on its strategy of long-term, sustainable growth and value creation for shareholders.
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