VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 1, 2014) - Lynden Energy Corp. (TSX VENTURE:LVL) reports that the Company's wholly owned subsidiary, Lynden USA Inc., has secured an increase in its borrowing base, from US$32 million to US$40 million, under its reducing revolving line of credit (the "Credit Facility") led by Texas Capital Bank of Dallas, Texas.
The borrowing base increase is part of a periodic review of the Company's oil and gas assets that secure the Credit Facility, and is directly related to the growth and value of those assets. There is currently US$26.3 million drawn on the Credit Facility.
The expanded borrowing base, together with current working capital and anticipated cash flow from operations, will allow the Company to be opportunistic in the current market environment, and ensures that the Company can carry out its previously reported fiscal 2015 (July 1, 2014 to June 30, 2015) capital plan.
About Lynden
Lynden Energy Corp. is in the business of acquiring, exploring and developing petroleum and natural gas rights and properties. The Company has various working interests in the Midland Basin and Eastern Shelf of the Permian Basin, West Texas, USA.
FORWARD-LOOKING STATEMENTS DISCLAIMER: This news release contains statements comprising forward-looking information (within the meaning of Canadian securities legislation). The reader is cautioned that assumptions used in the preparation of such statements, although considered accurate at the time of preparation, may prove incorrect, and the actual results may vary materially from the statements made herein. The Company's ability to carry out its previously reported fiscal 2015 (July 1, 2014 to June 30, 2015) capital plan, and expected timelines relating to oil and gas operations are subject to the customary risks of the oil and gas industry, economic and industry conditions at the time of drilling, prevailing and anticipated prices for oil and gas, the availability of sufficient capital resources for drilling prospects, the Company's financial results and the availability of lease extensions and renewals on reasonable terms. Continuation of the borrowing base under the line of credit at the current level is subject to the customary risks of the oil and gas industry, subject to drilling and completing successful wells, and also subject to prevailing and anticipated prices for oil and gas, as well as being at the discretion of the lender. For a more detailed description of these risks, and others, see http://lyndenenergy.com/risk-factors/.
Further information relating to Lynden is also available on its website at www.lyndenenergy.com.