Bonterra Energy Corp. says that following its annual banking review, certain amendments to the existing credit agreement dated April 29, 2009 between the Company and its syndicate of lenders (the "Lenders"), have been agreed to.
Based on the terms and conditions set forth in the amended credit agreement, the Lenders have agreed to the following:
•Approval of a borrowing base of CDN $500 million and an increase to the existing credit facility commitment to CDN $425 million from CDN $250 million, subject to closing of the previously announced Pembina area asset acquisition;
•Ability for the Company to request an increase in the commitment amount up to the borrowing base prior to the next scheduled review, subject to the approval of the Lenders; and
•Amending the setting of the borrowing base to occur on a semi-annual basis on or before April 30 and October 31 of each year.