The initial borrowing base under the facility is $7 million and amounts drawn down under the facility bear interest at the Eurodollar rate plus 4%. The facility is secured primarily on the Company's Colombian assets. Additional terms of the credit facility agreement will be included in the Company's 8-K to be filed with the Securities and Exchange Commission.
Dana Coffield, President and Chief Executive Officer of Gran Tierra, stated, "In keeping with our mission to grow our base of production and cash flow from development and exploration opportunities, this credit facility provides further resources for expanding the Company's current drilling program and future exploration activities in South America."
Gran Tierra Energy, Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada, incorporated and traded in the United States and operating in South America. The Company holds interests in producing and prospective properties in Argentina, Colombia and Peru. To date, the Company has pursued a strategy that focuses on establishing a portfolio of producing properties, development and exploration opportunities, through selective acquisitions, to provide a base for future growth.
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