CALGARY, ALBERTA–(Marketwired – July 16, 2013) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
CROCOTTA ENERGY INC. (TSX:CTA) (“Crocotta“) is pleased to announce that it has entered into a syndicated credit facility (the “Facility“) with a syndicate of three chartered banks consisting of National Bank of Canada (as Administrative Agent), the Bank of Nova Scotia, and Alberta Treasury Branches and National Bank Financial as lead arranger and sole bookrunner.
The Facility has a committed borrowing base of $145 million and replaces Crocotta’s previous demand credit facility of $140 million. The Committed Facility revolves for a 364 day period and will be subject a semi-annual borrowing base review. If not extended by the July 11, 2014 extension date, the Facility will become due and payable in one year.
President and Chief Executive Officer
Crocotta Energy Inc.
Vice President, Finance and Chief Financial Officer