Argosy Energy Inc. report that the Company's banker, the National Bank of Canada (the "Bank"), has completed a review of the Company's credit facilities and has provided a $26 million credit facility to the company consisting of a revolving operating line (the "Revolver") of $22 million and an acquisition development line (the "Acquisition Line") line of $4 million. The Revolver has been increased to $1 million from its previous limit of $21 million and the Acquisition Line has been decreased from its previous limit of $5 million to $4 million.
The Revolver is used by the Company in connection with its day to day operations. The Company has drawn approximately $15.8 million against this line at this date. The Acquisition Line can only be accessed for certain acquisition and development activities. The Acquisition Line is presently undrawn. The terms and conditions related to such facilities remain substantially the same as that which was disclosed in the Company's 1st quarter 2012 report that was released on May 1, 2012.