Nostra Terra Oil & Gas Company PLC Extension of $25m Credit Facility (8071J)
December 22 2015 - 2:00AM
UK Regulatory
TIDMNTOG
RNS Number : 8071J
Nostra Terra Oil & Gas Company PLC
22 December 2015
AIM:NTOG 22 December 2015
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Extension of US$25 Million Credit Facility
Nostra Terra (AIM:NTOG), the oil and gas exploration and
production company with a growing portfolio of assets in the USA
and Egypt, is pleased to announce that Texas Capital Bank has
agreed to a three year extension of the lending facility until 31
January 2019.
The Facility contains both a three year Revolving Credit
Facility and a Standby Letter of Credit Facility with an initial
nominal limit of US$25 million. Interest is charged on monies drawn
down at the current rate of 4.25% (determined by the higher of
either: the sum of the Wall Street Journal Rate plus 1% or
4.25%).
Texas Capital Bank is a highly regarded energy lender based in
Dallas Texas, with over US$11 billion in assets under
management.
Nostra Terra will use the facility to grow its asset base with a
focus on producing assets.
Matt Lofgran, Chief Executive Officer of Nostra Terra,
commented:
"We're pleased to announce the securing of a three year
extension on such a strong facility on very good terms for the
Company at a time when many companies in the industry are
struggling with the continued low oil price environment. We will
use the facility to expand our portfolio in the USA as attractive
opportunities present themselves.
We see the drop in oil prices as an opportunity to acquire
assets at attractive levels. Our focus is on producing assets where
we can use leverage and we are currently performing due diligence
and negotiating on new assets and anticipate an increased level of
activity into 2016."
For further information, visit www.ntog.co.uk or contact:
Nostra Terra Oil and Gas Company plc
Matt Lofgran, CEO
mlofgran@ntog.co.uk Telephone: +1 480 993 8933
Sanlam Securities UK Limited
(Nominated adviser and broker)
Lindsay Mair / James Thomas / Jamie Vickers Telephone: +44 20 7628 2200
Walbrook PR
Gary Middleton Telephone: +44 207 933 8797
Nick Rome
This information is provided by RNS
The company news service from the London Stock Exchange
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