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Strategic significantly increases its Bank Line


Published Jun 12, 2012
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Strategic Oil & Gas Ltd.

Strategic Oil & Gas Ltd. report that the Company's primary lender, Alberta Treasury Branches ("ATB"), has approved an increase to its available revolving operating line of credit from $21 million to $50 million, a 138% increase.

The increase is scheduled to occur in 3 steps, $38 million immediately, $44 million on October 31, 2012 and $50 million on January 31, 2013. The increase in value of the facility is primarily attributed to the significant increase in the high netback light oil production as a result of the successful drilling program at Steen River. The increase continues to provide Strategic with significant financial flexibility for the remainder of 2012 and into 2013.

Tags: Strategic Oil & Gas Ltd.




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