Toscana Energy Income entered into a commitment letter with respect to a new senior secured demand revolving credit facility with Alberta Treasury Branches.
The credit facility provides for $36 million that will be available on a fully revolving basis.
Current bank borrowings are estimated at $26 million, leaving approximately $10 million available for general corporate purposes. This new credit facility provides for expanded flexibility in managing corporate affairs within the current marketplace.
Toscana Energy Income is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets including royalties, non-operated working interests and unitized production for yield and capital appreciation. Toscana Energy Income Corporation is managed by Sprott Toscana, a member of the Sprott Group of Companies.