CALGARY, ALBERTA–(Marketwired – June 21, 2016) – PetroShale Inc. (“PetroShale” or the “Company”) (TSX VENTURE:PSH) (OTCQX:PSHIF) is pleased to announce the lender to its senior secured revolving credit facility (the “Senior Facility”) has re-affirmed the current borrowing base capacity at US$22.5 million following its review of the Company’s year end independent reserve report.
The Senior Facility is a revolving demand loan provided by a Canadian chartered bank, with a term to June 16, 2017, at which point it will either be renewed for a further 364 day period, or converted to a fixed term facility at the lender’s option. The Senior Facility is fully drawn.
The Company’s existing US$80.0 million subordinated revolving credit facility is currently drawn as to US$65.5 million.
PetroShale is an oil company engaged in the acquisition, development and consolidation of interests in the North Dakota Bakken / Three Forks.