Oil and gas group Nostra Terra will step up its hunt for U.S. assets after it agreed to a three-year extension to its $25 million lending facility with Texas Capital Bank. The facility now runs until January 31, 2019 and contains both a three-year revolving credit facility and a standby letter of credit facility.

Interest is charged on money drawn down at the current rate of 4.25% (determined by the higher of either: the sum of the Wall Street Journal rate plus 1% or 4.25%).

Crude prices hit an eleven-year low this week and Matt Lofgran, Nostra Terra’s chief executive, said he was delighted with the terms given this tough backdrop: “We’re pleased to announce the securing of a three-year extension on such a strong facility on very good terms for the company at a time when many companies in the industry are struggling with the continued low oil price environment. We will use the facility to expand our portfolio in the USA as attractive opportunities present themselves. We see the drop in oil prices as an opportunity to acquire assets at attractive levels.”

Lofgran added the focus is on “producing assets where we can use leverage and we are currently performing due diligence and negotiating on new assets and anticipate an increased level of activity into 2016.”

In the U.S. Nostra has assets in Oklahoma’s Chisholm Trail and the Eagle Ford in Texas, as well as prospects in Wyoming.