CALGARY, June 7, 2016 /CNW/ - (TSX: TBE) – Twin Butte Energy Ltd. ("Twin Butte" or the "Company") announces that its bank syndicate has not extended the maturity date of Twin Butte's $85 million non-revolving credit facility past June 7, 2016 and has not extended the expiry of the revolving period of Twin Butte's $140 million revolving credit facility past June 7, 2016. Unless otherwise agreed to by the lenders, the lenders will be entitled to make a demand for the full repayment of the amounts owing under such credit facilities on June 10, 2016, after which the lenders may elect to enforce their security.
About Twin Butte:
Twin Butte Energy Ltd. is a value oriented intermediate producer with a deep, low risk, drilling inventory focused on medium and heavy oil reservoirs. The common shares of Twin Butte are listed on the TSX under the symbol "TBE".
Certain information set forth in this news release contains forward-looking statements including statements with respect to how the lenders may exercise their rights under the credit facilities. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Twin Butte's control, including that the exercise of the lenders' rights under the credit facilities are at the sole discretion of the lenders. Additional information on these and other risks that could affect Twin Butte's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or achievement of Twin Butte could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Twin Butte will derive therefrom. Twin Butte disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
SOURCE Twin Butte Energy Ltd.
For further information: Twin Butte Energy Ltd., Rob Wollmann, President and Chief Executive Officer, R. Alan Steele, Vice President Finance, Chief Financial Officer and Corporate Secretary, Tel: (403) 215-2045, Website: www.twinbutteenergy.com