Pipestone Energy extends C$225 million reserve-based loan

By Rebecca Melvin

Concord, N.H., April 30 – Pipestone Energy Corp. has renewed and extended its C$225 million reserve-based loan, according to a press release.

The banking syndicate consists of National Bank Financial Inc., Bank of Montreal, ATB Financial, and Canadian Western Bank.

The credit facility’s borrowing base and available capacity has been maintained at $225 million on a fully conforming basis, while the revolving period has been extended to May 31, 2022 with a maturity of May 31, 2023.

The next borrowing base redetermination is scheduled for November 2021.

The loan renewal and extension ensures Pipestone Energy is fully funded to execute its previously released growth plans, the company staid in the release.

Based in Calgary, Alta., Pipestone is a private oil and gas exploration and production company.

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