MONTREAL, March 2 /CNW Telbec/ - Rolland Energy Inc (TSX-V: ROE, the
"Corporation"), an emerging junior oil and gas producer, announced today that
it has repaid $500,000 due under its current short-term facility and
refinanced the remaining $3.5 million due under the facility with its exiting
lender, Primatlantis Capital L.P.
Under the terms of the new facility, a first tranche of $1.3 million
bears an annual interest rate of 15% and is due on August 1, 2007 and a second
tranche of $2.2 million with an annual interest rate of 12% is due on
February 1, 2008. Rolland Energy has also issued 4,888,889 warrants to
Primatlantis Capital L.P. in connection with the second tranche of the
financing, subject to the approval of the TSX Venture Exchange.
"This new financing further reduces our financing costs and extends the
repayment periods of our debt," said Martial Rolland, President and Chief
Executive Officer of Rolland Energy. "With our technology division now
operating at breakeven and financing secured for our short-term low risk
drilling activities, we are confident that our financial profile will continue
to improve as we execute of our business plan to increase our light crude oil
production," added Martial Rolland.
The new facility is considered a related party transaction since
Louis-Robert Lemire, a principal with Primatlantis Capital L.P., is also a
Director of the Corporation. The agreement is subject to certain conditions
including, but not limited to, the receipt of all necessary approvals
including the approval of the TSX Venture Exchange.
ABOUT ROLLAND ENERGY INC. - www.rollandenergy.com
Previously known as RVBS, Rolland Energy is an oil and gas Corporation
with subsidiary operations in information technology. Its oil and gas
operations are based in south-western Manitoba and produced 31,716 barrels of
oil for the year ended June 30, 2006. The Corporation intends to spin-off its
information technology assets into a separate enterprise.
ABOUT PRIMATLANTIS CAPITAL L.P. - www.primatlantis.com
Founded in 2005 by Guillaume Dumas, Louis-Robert Lemire and Luc Poirier,
Primatlantis Capital L.P. is an innovative asset-based lender specialized in
"The TSX Venture Exchange has not reviewed this release and therefore
does not accept responsibility for its adequacy or accuracy."
For further information:
For further information: RVBS: Mark Boutet, (514) 843-2385; PRIMATLANTIS
CAPITAL L.P.: Guillaume Dumas, (514) 393-4141