Mr. Patrick Ward reports
PAINTED PONY ANNOUNCES EXTENSION OF BANK LINE REVIEW DATE
Painted Pony Energy Ltd. has confirmed the execution of an agreement with the corporation's syndicate of lenders to extend Painted Pony's annual borrowing base redetermination date from June 30, 2020, to July 31, 2020. This extension affords both Painted Pony and the syndicate of lenders additional time to evaluate current market conditions, as well as proposed federal government programs initiated through Export Development Canada (EDC) and Business Development Bank of Canada. The extension agreement includes an amendment, which reduces Painted Pony's existing syndicated credit facility by 7 per cent or $25-million, from $350-million to $325-million. Painted Pony also has a $22-million unsecured letter of credit facility backstopped by EDC, bringing the corporation's present total credit capacity to $347-million. As at March 31, 2020, Painted Pony's syndicated credit facility was drawn approximately $121-million.
About Painted Pony Energy Ltd.
Painted Pony is a publicly traded natural gas company based in Western Canada. The corporation is primarily focused on the development of natural gas and natural gas liquids from the Montney formation in northeast British Columbia.
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