Empyrean Energy has reached an agreement with Macquarie Bank Limited for additional debt funding under Tranche B of its facility. The further proceeds from the Facility will be used to finance the Company's continued participation in the continued development of its flagship Sugarloaf AMI Project in onshore Texas.

Empyrean has a 3% working interest in the Project, which is operated by Marathon Oil Company, a subsidiary of US major Marathon Oil Corporation.

Macquarie has agreed to make US$11,000,000 available to the Company immediately under the Facility and has indicated that further amounts may also be available in due course, subject to satisfaction of certain conditions, including further credit approvals and well performance and reserve hurdle criteria.

Tags: Empyrean Energy