CALGARY, June 11, 2012 /CNW/ - Wrangler West Energy Corp. ("Wrangler West", the "Company") (TSXV "WX") announces the Company has concluded an amendment to the revolving operating demand loan agreement ("Credit Facility") effective June 8, 2012 with Canadian Western Bank (the "lender") in the amount of $5.5 million.
The Company's credit agreement also includes the previously announced non-revolving acquisition/ development demand loan in the amount of $5.0 million. The Company intends to use the non-revolving demand loan for acquisitions of producing petroleum and natural gas reserves and/or the development of existing proved non-producing/undeveloped petroleum and natural gas reserves. The amended Credit Facility bears annual interest calculated at prime plus an established basis point increment. The Company expects to use the Credit Facility to fund its capital expenditures program and working capital deficiency.
The amendment to the Credit Facility, as approved by Wrangler West's board of directors, is subject to an interim review by the lender scheduled for September 2012 and an annual review in May 2013.
Wrangler West is a Canadian junior crude oil and natural gas producer which explores for and develops crude oil and natural gas production assets in the Province of Alberta. Since inception, the Company's mandate has been to use the drill bit to add shareholder value. Disciplined management of operations and the production portfolio creates sufficient funds flow to support ongoing operations. Wrangler West intends to continue to reinvest funds flow from operations and other available capital to protect current, and add future, value. Wrangler West common shares trade on the TSX Venture Exchange under the symbol "WX".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For further information:
Wrangler West Energy Corp.
Steven F. Johnson
President and Chief Executive Officer
telephone: (403) 290-6800