CALGARY, Nov. 30, 2015 /CNW/ - Argent Energy Trust ("Argent" or the "Trust") (TSX: AET.UN) today announced that Argent's banking syndicate has completed their semi-annual review of Argent's credit facility and has elected to reduce the facility's conforming borrowing base from US$80 million to US$45 million as a result of current commodity prices. Argent is currently US$65 million drawn on the facility, with a $1.3 million letter of credit outstanding also, and under the Credit Agreement there is a 60-day cure period in which to cover the difference to the new conforming borrowing base. Argent is working with the banking syndicate to review options to address the difference and is also actively exploring alternative financing options.
Argent further continues to advance and explore all alternatives to provide the necessary liquidity and capital to the Trust based on the current commodity pricing environment.
About Argent Energy Trust
Argent is a mutual fund trust under the Income Tax Act (Canada). Argent's objective is to create stable, consistent returns for investors through the acquisition and development of oil and natural gas reserves and production with low risk exploration potential, located primarily in the United States. Material information pertaining to Argent Energy Trust may be found on www.sedar.com or www.argentenergytrust.com.
SOURCE Argent Energy Trust
For further information: concerning this press release, please contact: Sean Bovingdon, President & CFO, Argent Energy Trust, (403) 770-4809; Steve Hicks, Chief Operating Officer, Argent Energy Trust, (281) 847-1888