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Painted Pony Petroleum increases credit facilities to C$500 million
By Wendy Van Sickle
Columbus, Ohio, May 10 – Painted Pony Petroleum Ltd. increased its credit facilities to C$500 million, according to a Wednesday press release.
The aggregate amount is made up of C$400 million of available credit facilities and a C$100 million development line, half of which becomes available by Oct. 31 and the other half on April 30, 2018, subject to borrowing base review on those dates.
The $100 million development line is conditioned on the closing of Painted Pony’s acquisition of UGR Blair Creek Ltd., which is expected to occur on or around May 16.
Painted Pony is a resource company based in Calgary, Alta.
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