Stock Exchange: TSX
CALGARY, July 7, 2015 /CNW/ - Tesla Exploration Ltd. ("Tesla" or the "Company") announces that it is continuing to work with its current bank lender on the annual extension of its credit facility agreement, which is normally completed in May of each year. The Company has requested amendments to certain terms, including a temporary waiver of its Funded Debt to EBITDA covenant and changes to the borrowing base formula which determines its loan limits. The amendments have been requested to avoid a breach of these covenants. Tesla has also received a preliminary proposal from another party for an additional loan, which it is pursuing while concurrently working with its bank lender on the terms of the credit facility. The Company expects to provide a further update regarding the credit facility and the proposed new loan, when negotiated.
Tesla provides seismic land data acquisition in a multitude of environments in Canada through Tesla Exploration Partnership, in the U.S.A. through Tesla Exploration Inc., in South and Central America through Tesla Exploration Trinidad Ltd., Tesla Exploration Colombia S.A.S. and Tesla Do Brasil Geotecnia Ltda., which was incorporated in 2014 to explore offshore opportunities off the coast of Brazil. Tesla serves other markets in Europe and Africa through Tesla Exploration International Limited. Tesla has an international data processing office in the United Kingdom. Tesla Offshore LLC operates geophysical hazard surveys and provides positioning services for construction and diving operations in the Gulf of Mexico and internationally using its own vessel and other chartered vessels. Tesla trades on the TSX under the symbol "TXL".
SOURCE Tesla Exploration Ltd.
For further information: Requests for shareholder information should be directed to: Mr. Richard Habiak, President and CEO, (403) 216-0990; Mr. Graham Reid, Vice President and CFO, (403) 216-0990