Condor Petroleum plans $10 million secured three-year credit facility

By Devika Patel

Knoxville, Tenn., Jan. 11 – Wednesday was another slow day for private placements with only one deal announced. Condor Petroleum Inc. negotiated a commitment for a three-year secured non-revolving credit facility for up to $10 million. The coupon will be 14%.

The lender will also receive a three-year warrant, which is exercisable into 1 million common shares at C$2.35 per share.

Settlement is expected within six weeks.

Proceeds will be used for capital expenditures related to drilling, infrastructure and workovers at the company's Poyraz Ridge field and for general corporate purposes.

Condor is a Calgary, Alta.-based oil and gas company.

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