Morgan Stanley Capital Ups Commitment to BNK Petroleum
BNK Petroleum announced that Morgan Stanley Capital Group increased its commitment amount under the credit facility announced by the company on July 30, 2014 from $15.9 million to $24.4 million. The other terms of the $100 million facility remain the same.
The facility bears interest at a per annum rate equal to three month LIBOR plus an applicable margin ranging from 2% to 7% based on a number of factors including the ratio of outstanding borrowings to a calculated borrowing base level and individual well value concentration.
The facility provides for interest only payments until the July 2018 maturity date. The proceeds from the facility are intended to fund drilling and completion of Caney shale oil wells in the Tishomingo field in Oklahoma.
Camarillo, CA-based BNK Petroleum is an international oil and gas exploration and production company focused on finding and exploiting large, predominately unconventional oil and gas resource plays.