Petro Andina Closes Credit Facility
Petro Andina Resources has closed a USD$100 million senior first lien secured credit facility, to be provided by Macquarie Bank Limited. Initial availability under the facility is USD$28 million at a LIBOR related interest rate. Availability of funds will be updated semi-annually based on a determination by the bank that the Company's oil and gas reserves will support additional lending amounts. The Company uses GLJ Petroleum Consultants as its independent petroleum engineers.
Proceeds from the credit facility will be used to fund ongoing development of the Company's oil and gas concessions in Argentina. Petro Andina is engaged in the exploration for and development and production of oil and natural gas in Argentina and, to a lesser extent, in Canada. The Company is continuing to develop its existing reserves and to conduct appraisal and exploration drilling on its 457,000-acre (260,000 acre net) land position in the Neuquén basin. Petro Andina is headquartered in Calgary, Canada.
- Petro Andina to Farm-In to Cory Moruga 'E' Block Onshore Trinidad (Sep 16)
- Pluspetrol Extends Offer for Petro Andina Resources (Aug 19)
- Petro Andina's Board Rejects Pluspetrol's Offer (Jul 03)