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| Home : Southern Pacific Announces Amendment to Current Credit Facility |
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Feb 01
2014 |
Southern Pacific Announces Amendment to Current Credit Facility |
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CALGARY, ALBERTA--(Marketwired - Jan. 31, 2014) - Southern Pacific Resource Corp. ("Southern Pacific" or the "Company") (TSX:STP) today announced that in addition to the Company's previously announced strategic review process, which included revised forecasted production guidance at STP-McKay, the Company has completed an amendment to its existing credit facility in which the availability on the credit facility will be $85 million, with the $100 million borrowing base remaining in place. This arrangement is effective until May 31, 2014 which aligns with the expected timing of the strategic alternatives process. It also allows for the Company to continue with its previously announced capital expenditure program at STP-McKay to install Inflow Control Device ("ICD") configurations into two of the SAGD well pairs. |
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| Source:http://www.marketwired.com/mw/release.do?id=1874721&sourceType=3 |
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