Maple Energy Clinches Lease Financing Facility in Peru for Rig Acquisition

Maple Energy successfully completed a US $18.87 million sale-leaseback financing facility (the "Lease Financing Facility") with Banco Internacional del Peru S.A.A. ("Interbank"), one of the largest commercial banks in Peru, on March 13, 2009.

Maple intends to use the Lease Financing Facility to finance the acquisition of the Maple Rig 1 (the "Rig"), a 2,000 horsepower heli-transportable diesel-electric drilling rig, which it acquired for approximately US $16 million plus value-added taxes. The Rig is expected to be used for drilling the Company's Santa Rosa and Cashiboya Deep prospects in Block 31-E. Upon completion of the Transaction, Interbank acquired and immediately leased the Rig back to Maple while making certain amounts available to Maple under the Lease Financing Facility.

Under the terms of the Lease Financing Facility, Interbank agreed to finance the cost of the Rig at an effective annual interest rate of approximately 13%. Maple's obligations under the Lease Financing Facility include (i) a downpayment of 30% of the Lease Financing Facility upon drawdown, (ii) the maintenance of a reserve account of not less than US$1.586 million during the term of the Lease Financing Facility which amount may be reduced upon achieving and satisfying certain financial ratios and covenants and (iii) a guarantee of all payment obligations under the Lease Financing Facility through one of the Company's wholly-owned subsidiaries, The Maple Companies, Limited.

Maple intends to draw down the full amount available under the Lease Financing Facility. Maple intends to use a portion of the borrowings under the Lease Financing Facility to fund the 30% downpayment and the reserve account required by the Lease Financing Facility. The Lease Financing Facility will be payable in monthly installments during the five-year term of the facility.

Throughout and upon completion of the term of the Lease Financing Facility, the Company shall have an option to purchase the Rig, at its sole discretion, for approximately US $200,000 plus any amounts outstanding under the Lease Financing Facility. If Maple does not elect to exercise its option to acquire the Rig, Interbank shall remain the owner of the Rig.


Rex Canon, CEO of Maple Energy, commented, "The successful completion of this sale-leaseback financing is another critical step towards enabling Maple to complete one of our core business strategies of exploring for hydrocarbons in Block 31-E. By accessing the credit markets to fund the acquisition of this drilling rig, we have strengthened our balance sheet and capital structure which will enable us to allocate resources to enhance value for our shareholders. The closing of this financing during challenging and volatile market conditions is a further indication of the market's confidence in Maple's management and business strategy."