Yangarra Resources increased its syndicated senior credit facility to $120 million with a group of banks led by Alberta Treasury Branches. The group also includes Canadian Imperial Bank of Commerce and National Bank of Canada.
The facility now comprises of a $110 million extendable revolving term credit facility and a $10 million operating facility. All other commercial terms will remain the same with the next borrowing base review scheduled for May 31, 2018.
The increased facility will allow Yangarra to shift capital spending, as necessary, from Q1 2018 into Q4 2017 to take advantage of drilling and completion services.