ATB Financial increased Blackbird Energy’s revolving operating loan facility from $1 million to $20 million. The terms of the facility are otherwise unchanged.
Blackbird may, at its option, elect to submit an updated engineering report in advance of its required annual review for the purposes of a borrowing base redetermination. Blackbird currently has no debt, and with the expanded credit facility has more than $20 million of working capital funding available.
The company expects to continue its conservative approach to debt, and is currently evaluating non-dilutive options for additional capital liquidity to complement its increased credit facility and prepare for future development.
Blackbird Energy is a Canada-based oil and gas exploration and development company focused on the condensate and liquids-rich Montney fairway at Pipestone/Elmworth, near Grande Prairie, AB.
