Bonterra Energy receives lending commitment up to C$38.4 million

By Taylor Fox

New York, Oct. 5 – Bonterra Energy Corp. received a reserve-based lending commitment from Export Development Canada of up to C$38.4 million, according to a news release.

Bonterra also confirmed its vendors have been approved for C$21 million of funding through Alberta's Site Rehabilitation Program.

These amounts build on the Bonterra’s recently approved C$45 million Business Development Bank of Canada term facility.

Bonterra has now been approved for over C$104 million of credit availability.

These commitments will provide Bonterra with additional long-term liquidity at reasonable interest rates to withstand the impacts of the Covid-19 pandemic and allow the company to continue pursuing development of its high-quality, cardium light oil asset base in order to generate long-term, sustainable net asset value per share growth as the economy recovers.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.