CALGARY, Sept. 15, 2014 /CNW/ - Seven Generations Energy Ltd. ("7G" or "the Company") and its lending syndicate have agreed to an amendment to 7G's senior secured revolving credit arrangement that has increased the borrowing capacity from $150 million to $480 million and extended the maturity date of the facility to September 2017. RBC Capital Markets led the facility upsize and amendment, acting as Lead Arranger and Sole Bookrunner. In addition to existing lenders Credit Suisse, Canadian Imperial Bank of Commerce and The Toronto-Dominion Bank, new lenders Bank of Montreal, Bank of Nova Scotia, Alberta Treasury Branches, Canadian Western Bank and National Bank of Canada were added to the banking syndicate. The facility is presently undrawn and provides significant support for the Company's development plan. Pat Carlson, 7G's CEO, commented, "This commitment from existing and new lenders gives us the option to accelerate our development and ramp up from the current level of 10 drilling rigs, as we pursue our 500 million cubic feet per day firm production obligation over the medium term that aligns with our long term transportation and marketing agreements."
About the Company
Seven Generations Energy Ltd. is a private Canadian company engaged in the development of the Kakwa River Project (the "Project"). Located approximately 100 kilometers south of Grande Prairie, Alberta, the Project is a tight, liquids rich gas and light oil project in the early stages of development. The Company's vision for the Project incorporates the potential production capacity of more than 2 billion cubic feet per day of natural gas and more than 200 thousand barrels per day of natural gas liquids (including condensate). 7G has a corporate headquarters in Calgary, Alberta and an operations headquarters in Grande Prairie, Alberta.
This press release may contain forward-looking information and statements regarding the Company. Any statements included in this press release that address activities, events or developments that the Company "expects," "believes," "plans," "projects," "estimates" or "anticipates" will or may occur in the future are forward-looking statements. Actual results may differ materially due to a variety of important factors. Among other items, such factors might include: planned and unplanned capital expenditures; changes in general economic conditions; uncertainties in reserve, resource and production estimates; unanticipated recovery or production problems; weather-related interference with business operations; the effects of delays in completion of, or shut-ins of, gas and liquids gathering systems, pipelines and processing facilities; potential costs associated with complying with new or modified regulations; oil and natural gas prices and competition; the impact of derivative positions; production expense estimates; cash flow and cash flow estimates; drilling and operating risks; the Company's ability to replace oil and gas reserves; volatility in the financial and credit markets or in oil and natural gas prices; effects of regulation by governmental agencies including changes in environmental regulations, tax laws and royalties. Except as required by law, the Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change. Do not place undue reliance on forward-looking information.
Seven Generations Energy Ltd.
Suite 300, 140 – 8th Avenue SW
Calgary, AB T2P 1B3
SOURCE: Seven Generations Energy Ltd.
For further information: Pat Carlson, CEO, 403-718-0700