Eagle Ford Oil & Gas Corporation Signs a $60 Million Debt Facility With Meridian SEZC
September 03 2013 - 9:22AM
Eagle Ford Oil & Gas Corp. (OTCMarkets:ECCE),
a growing independent oil and gas exploration and production
company is pleased to announce that Meridian SEZC("Meridian") and
ECCE have entered into a definitive agreement through which
Meridian will provide up to $60 million of debt with a first draw
down scheduled to be $25 million for the purpose of the acquisition
and further development of two producing properties located in
Madison County and Hardin County, Texas.
This securitized commercial debt will be repayable on a straight
line basis over 5 years. The arrangement does not require ECCE to
issue any new equity.
The deal is subject to further due diligence and final
documentation and is expected to be completed shortly.
Management Comments
Mr. Paul Williams, CEO of Eagle Ford Oil and Gas said, "This
represents a very significant step forward for the Company and will
provide the funds needed for the acquisition and further
development of these two producing properties. With this
acquisition it immediately adds a much needed revenue stream that
will enhance shareholder value."
About Meridian SEZC
Meridian SEZC is a privately owned finance company located in
the Cayman Islands that focuses on resource based, commodity and
derivative investments.
About Eagle Ford Oil & Gas Corporation
Eagle Ford Oil & Gas Corp. engages in exploration and
development of oil and gas production properties. The Company
specializes in acquiring, exploring and developing oil and gas
producing assets in the Gulf Coast region of Texas and Louisiana.
Eagle Ford Oil & Gas has a team comprised of senior
professionals with distinguished records of achievement and success
in the targeted focus area.
Forward-Looking Statements
Investors are cautioned that certain statements contained in
this document as well as some statements in periodic press releases
and some oral statements of ECCE officials are "Forward-Looking
Statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 (the "Act"). Forward-looking statements include
statements which are predictive in nature, which depend upon or
refer to future events or conditions, which include words such as
"believes," "anticipates," "intends," "plans," "expects," and
similar expressions. In addition, any statements concerning future
financial performance (including future revenues, earnings or
growth rates), ongoing business strategies or prospects, and
possible future ECCE actions, which may be provided by management,
are also forward-looking statements as defined by the Act.
Forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual
results, performance or achievements of the Company to materially
differ from any future results, performance, or achievements
expressed or implied by such forward-looking statements and to vary
significantly from reporting period to reporting period. Although
management believes that the assumptions made and expectations
reflected in the forward-looking statements are reasonable, there
is no assurance that the underlying assumptions will, in fact,
prove to be correct or that actual future results will not be
different from the expectations expressed in this report. These
statements are not guarantees of future performance and ECCE has no
specific intention to update these statements.
CONTACT: Investor Contact:
Paul Williams
281-383-9648
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