FX to Draw Additional $5MM from Credit Facility to Fund Sroda Ops
FX Energy, Inc. has previously announced that it has drawn $6 million under its $25 million credit facility with the Royal Bank of Scotland, which was the approximate amount of the capital cost of production facilities at the Zaniemysl and Wilga wells.
The credit facility was established in late 2006 based on production and reserves at that time. The Company anticipates an increase in the available amount under the facility after year-end 2008, based on adding the reserves of its previously successful wells. The Company anticipates drawing an additional $5 million in the near term to finance its share of Roszkow production facilities.
David Pierce, Chief Executive of the Company, said, "It is gratifying to have reached the point in our growth trajectory where debt is available and appropriate to use in judicious amounts. Given the level of success we have seen so far in the Sroda area, we hope to increase the pace of operations there. We plan to use sensible amounts of debt based on our growing reserves and revenue."
- FX Energy is Reading Szymanowice-1 Well for Production (Dec 31)
- FX Energy Tests Poland Tuchola-3K Well (Apr 29)
- FX Energy 'Disappointed' over Polish Mieczewo Well (Apr 08)