CALGARY, July 23 /CNW/ - Wrangler West Energy Corp. ("Wrangler West", the "Company") (TSX-V "WX") announces the Company has entered into a revolving operating demand loan agreement ("Credit Facility") effective July 21, 2010 with Canadian Western Bank (the "lender") in the amount of $12 million.
The Credit Facility, as approved by Wrangler West's board of directors, is subject to an interim review by the lender scheduled for November 2010 and an annual review in May 2011. The Credit Facility will be used as required for general corporate purposes, ongoing operations, capital expenditures, acquisition of additional petroleum and natural gas assets and payout of any remaining credit facilities amounts outstanding with the Company's previous lender.
Wrangler West is a Canadian junior oil and natural gas producer which explores for and develops crude oil and natural gas production assets in the Province of Alberta. Since inception, our mandate has been to use the drill bit to add shareholder value. Disciplined management of our operations and production portfolio creates sufficient funds flow to support ongoing operations. Wrangler West will continue to reinvest funds flow from operations and other available capital to protect and add future value. Wrangler West trades on the TSX Venture Exchange under the symbol "WX".
The TSX Venture Exchange has not reviewed, and does not accept responsibility for, the adequacy or accuracy of this press release.
SOURCE Wrangler West Energy Corp.
For further information: For further information: Wrangler West Energy Corp., telephone: (403) 290-6800, Steven F. Johnson, President and Chief Executive Officer, firstname.lastname@example.org