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May 13, 2010 |
Open Range Energy Corp. Announces Increase to Bank Lines and Updated Corporate Presentation |
CALGARY, ALBERTA--(Marketwire - May 13, 2010) - Open Range Energy Corp. ("Open Range" or the "Company") (TSX:ONR) is pleased to announce an increase to its bank lines and an update to its corporate presentation available on the Company's website at www.openrangeenergy.com.
Open Range has agreed to terms to increase and extend its combined bank lines to $80 million with a syndicate of Canadian banks led by the National Bank of Canada and including the Canadian Western Bank. The recently approved increase to the Company's credit facilities reflect the strong growth in net asset value and reserves in 2009, as well as the drillbit-driven production and reserve growth achieved in the first quarter of 2010. Combined borrowings at the end of the first half of 2010 are forecast to be approximately $55 million, leaving $25 million in available unutilized debt capacity. The Company intends to finance the large majority of its second half capital expenditures with cash flow from operations.
OPEN RANGE ENERGY CORP. IS A PUBLICLY TRADED CANADIAN ENERGY COMPANY WITH FOCUSED OPERATIONS IN THE DEEP BASIN REGION OF ALBERTA.
OPEN RANGE HAS APPROXIMATELY 60.9 MILLION COMMON SHARES ISSUED AND OUTSTANDING, WHICH TRADE ON THE TSX UNDER THE SYMBOL "ONR".
Reader Advisory
This news release contains certain forward-looking statements, which include assumptions with respect to future capital expenditures and debt levels. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Open Range's control. Such risks and uncertainties include, without limitation, risks associated with oil and natural gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Open Range's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, Open Range will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to Open Range or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Open Range does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
THE TORONTO STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE INFORMATION CONTAINED HEREIN. | |
CONTACT INFORMATION:
Open Range Energy Corp. A. Scott Dawson, P.Eng. President and Chief Executive Officer 403-205-3704
or
Open Range Energy Corp. Lyle D. Michaluk, CA Vice President, Finance and Chief Financial Officer 403-262-9280 www.openrangeenergy.com
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INDUSTRY: Energy and Utilities - Oil and Gas | |
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