CALGARY, May 17, 2012 /CNW/ - Longview Oil Corp. ("Longview" or the "Corporation") announced today that its lenders have completed their review of the borrowing base of the credit facilities, which will remain unchanged at $200 million and continue to provide significant financial flexibility in support of future capital program requirements and general corporate purposes. Longview's credit facilities of $200 million are comprised of a $20 million extendible revolving operating loan facility and a $180 million extendible revolving loan facility from a syndicate of financial institutions (the "Credit Facilities"). The amounts available to Longview from time to time under the Credit Facilities are based upon a borrowing base determination that is established primarily from the value of the company's hydrocarbon reserves. For additional detail in regard to the credit facilities, please refer to the credit facility documents which will be filed on SEDAR.
Certain information in this press release contains certain forward-looking statements. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward looking statements. In particular, this press release includes forward-looking statements relating to, among other things, expected benefits to the Corporation from the Credit Facilities, including financial flexibility to support future capital program requirements and general corporate purposes; and the terms of the Credit Facilities, including amounts available to Longview under the Credit Facilities, the revolving period for the Credit Facilities and financial covenants. Longview's actual decisions, activities, results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Longview's control, including, but not limited to: credit risk, including ability to meet financial covenants under the Credit Facilities; failure to achieve the anticipated benefits from the Credit Facilities; the impact of general economic conditions; actions by governmental or regulatory authorities; changes in commodity prices, currency exchange rates, interest rates capital expenditures, reserves or reserves estimates and debt service requirements; the occurrence of unexpected events and liabilities from the exploration for, and the operation and development of, oil and gas properties; changes or fluctuations in production levels; stock market volatility and volatility in market prices for oil and natural gas; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; obtaining required approvals of regulatory authorities; ability to access sufficient capital from internal and external sources; and the other risks considered under "Risk Factors" in Longview's annual information form dated March 22, 2012, which is available on www.sedar.com and www.longviewoil.com. With respect to forward-looking statements contained in this press release, Longview has made assumptions regarding:, among other things conditions in general economic and financial markets; commodity prices; effects of regulation by governmental agencies; future exchange rates; future operating costs; availability of skilled labor; availability of drilling and related equipment; timing and amount of capital expenditures; and the impact of increasing competition. These forward-looking statements are made as of the date of this press release and Longview disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
For further information:
Toll free: 1-855-813-0313