Bonterra Energy delays borrowing base redetermination date

By Sarah Lizee

Olympia, Wash., June 30 – Bonterra Energy Corp. announced that it has executed an amending agreement with its syndicate of lenders to extend the annual borrowing base redetermination date on its credit facility to July 15 from June 30.

The extension provides the company and its lending syndicate additional time to assess the impact of developments in current market dynamics, including the proposed programs initiated by the Federal Government through Export Development Canada and Business Development Bank of Canada, and to establish a credit facility renewal that underpins Bonterra's ongoing financial flexibility, according to a press release.

Consistent with the extension agreement announced on June 1, the extension requires unanimous lender consent for any advance that results in the aggregate principal amount outstanding under the credit facility to exceed $300 million.

Bonterra Energy is a conventional oil and gas corporation based in Calgary, Alta.

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