CALGARY, Oct. 18 /CNW/ - Sure Energy Inc. ("Sure") announces today that
it has increased its credit facilities to $6,500,000 consisting of a
$5,000,000 revolving operating demand loan and a $1,500,000 non-revolving
acquisition/development demand loan. The terms and conditions of these credit
facilities are typical of credit facilities provided to companies operating in
the oil and gas industry. These credit facilities replace Sure's $3,500,000 of
credit facilities which Sure had received from another Canadian chartered
Sure had not drawn on the prior credit facilities and has not yet drawn
on the new increased credit facilities. In addition, Sure has approximately
$4,500,000 in cash.
These increased credit facilities will allow the company to have
additional financial resources available to it for general corporate purposes
and to assist in the acquisition of additional oil and gas assets.
Sure is a public company whose common shares trade on the Toronto Stock
Exchange under the symbol SHR.
For further information:
For further information: Mr. Jeff Boyce, President and CEO; Mr. Lance
Wirth, Vice President Finance and CFO; Phone: (403) 410-3100, Email: