PetroShale seeks to amend borrowing base and term of credit facility

Chicago, March 4 – PetroShale Inc. is seeking a comprehensive recapitalization transaction that includes some amendments to its credit facility, according to a press release.

The company is seeking to push the maturity to June 2023 from June 2022.

Subject to ongoing semiannual reviews, the company hopes to keep its borrowing base at a stable $177.5 million, as the company resumes drilling and completion operations in 2021.

The company has reached an agreement in principal with the lenders of its credit facility for the transaction.

The comprehensive recapitalization also includes the private issuance of common stock with the company’s largest stockholders and the conversion of all $84.4 million of the outstanding preferred shares and the first quarter dividend payment into common stock of the company.

PetroShale is an oil company is based in Calgary.

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