CALGARY, Nov. 2 /CNW/ - Winstar Resources Ltd. is pleased to announce
that it has established a new $10 million credit facility with HSBC Bank
Canada. The new credit facility is presently secured by Winstar's domestic
assets (in respect of which Winstar may access $6 million of the new credit
facility) and is also intended to be secured by Winstar's international assets
(following which Winstar will be able to access the balance of the credit
facility). In order to meet the requirements of the transaction, Winstar
qualified for, and has been issued, a policy for political risk insurance
through Export Development Canada.
"We believe that Winstar may be the first Canadian junior international
exploration company to obtain such a credit facility with a Canadian
Schedule I or Schedule II bank, based on our domestic and international
reserves," stated Dave Monachello, Winstar President.
Winstar Resources Ltd. is a Calgary-based junior oil and gas company,
which explores for, develops, produces and sells crude oil, natural gas
liquids and natural gas in Alberta, Tunisia and Hungary. Winstar's common
shares trade on the Toronto Stock Exchange under the symbol WIX.
For further information:
For further information: Winstar Resources Ltd., Mr. David Monachello,
President, (403) 513-4200, Email: firstname.lastname@example.org; Or, Winstar
Resources Ltd., Mr. Charles de Mestral, Chief Executive Officer, Toll-free
(Canada and USA): 1-800-875-1217, or +41 22 949 10 40 (Note: Mr. de Mestral is
based in Europe, in a time zone eight hours ahead of Calgary time), Email: