Mr. Allen Wilson reports
JERICHO OIL ANNOUNCES 20% INCREASE IN BORROWING BASE
The borrowing base under Jericho Oil Corp.’s joint senior secured revolving credit facility has been increased to $12-million (U.S.) following East West Bancorp Inc.’s regularly scheduled semi-annual redetermination process. There were no other material changes to the terms of the credit facility resulting from this borrowing base redetermination.
Jericho, in conjunction with its private family partner, entered into a $30-million credit facility with East West in July, 2016. The facility bears interest at a rate of Wall Street Journal prime plus 75 basis points and is payable monthly.
Allen Wilson, chief executive officer, commented: “We are encouraged by the outcome of our recent redetermination process which we believe to reflect the quality of our Mid-Continent position and the economics associated with our continued investment. We appreciate the support of our lending bank and their commitment to partner with us as we continue to add to our proved reserve base and execute on our growth strategy throughout 2017.”
About Jericho Oil Corp.
Jericho is a growth-oriented oil and gas company engaged in the acquisition, exploration, development and production of overlooked and undervalued oil properties in the Mid-Continent.
We seek Safe Harbor.