Long Run Exploration Ltd. announce an increased borrowing base under the syndicated credit facility of $475 million. Long Run is also pleased to announce the closing of an acquisition that adds approximately 450 boe per day of strategic light oil Viking assets at Redwater for total consideration of approximately $45 million (the "Acquisition").
INCREASED CREDIT FACILITY
Long Run's syndicate of lenders has increased the borrowing base under the Company's credit facility from $430 million to $475 million, as part of the Company's semi-annual borrowing base review. The increased credit capacity recognizes increases in our reserve base resulting from operational success.