Petrowest announced it has entered into an amendment of its $90 million syndicated credit facility with its syndicate of lenders led by Bank of Montreal.

Lloyd Wiggins, Petrowest’s chief financial officer, said, “The amended and restated credit agreement provides Petrowest with additional financial flexibility as Petrowest ramps up its operations for increased activity levels as we enter an exciting development period in British Columbia”.

Petrowest also announced the closing of a subordinated debt agreement with Crown Capital Fund IV for a $15 million term loan. The subordinated debt financing satisfies a condition to the execution of the amended credit agreement. The term loan bears a fixed interest rate of 11% per annum, compounded and payable monthly, and matures in 36 months.