Wrangler West Updates Credit Facility
June 08 2012 - 9:37PM
PR Newswire (Canada)
CALGARY, June 11, 2012 /CNW/ - Wrangler West Energy Corp.
("Wrangler West", the "Company") (TSXV "WX") announces the Company
has concluded an amendment to the revolving operating demand loan
agreement ("Credit Facility") effective June 8, 2012 with Canadian
Western Bank (the "lender") in the amount of $5.5 million. The
Company's credit agreement also includes the previously announced
non-revolving acquisition/ development demand loan in the amount of
$5.0 million. The Company intends to use the non-revolving
demand loan for acquisitions of producing petroleum and natural gas
reserves and/or the development of existing proved
non-producing/undeveloped petroleum and natural gas reserves.
The amended Credit Facility bears annual interest calculated at
prime plus an established basis point increment. The Company
expects to use the Credit Facility to fund its capital expenditures
program and working capital deficiency. The amendment to the Credit
Facility, as approved by Wrangler West's board of directors, is
subject to an interim review by the lender scheduled for September
2012 and an annual review in May 2013. Corporate Profile Wrangler
West is a Canadian junior crude oil and natural gas producer which
explores for and develops crude oil and natural gas production
assets in the Province of Alberta. Since inception, the Company's
mandate has been to use the drill bit to add shareholder value.
Disciplined management of operations and the production portfolio
creates sufficient funds flow to support ongoing operations.
Wrangler West intends to continue to reinvest funds flow from
operations and other available capital to protect current, and add
future, value. Wrangler West common shares trade on the TSX Venture
Exchange under the symbol "WX". Neither the TSX Venture Exchange
nor its Regulation Services Provider (as defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this news release. Wrangler West Energy Corp.
CONTACT: Wrangler West Energy Corp.Steven F. JohnsonPresident and
Chief Executive Officerinfo@wranglerwest.catelephone: (403)
290-6800
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