Crew Energy to pay down C$58.3 million of credit facility balance

By Sarah Lizee

Olympia, Wash., Feb. 27 – Crew Energy Inc. plans to apply C$58.3 million of proceeds from the partial disposition of the net working interest in two gas processing facilities to the outstanding balance on its C$235 million credit facility, which was drawn C$52.6 million at year-end 2019.

On first closing, Crew received C$35 million in exchange for the disposition of an 11% net working interest in its Septimus and West Septimus gas processing facilities located within its northeast B.C. Montney operations at Greater Septimus, according to a press release.

The second closing is expected to take place in the fourth quarter and will result in Crew receiving an additional C$35 million of cash consideration in exchange for the disposition of another 11% net working interest.

Crew Energy is a Calgary, Alta.-based oil and natural gas producer.

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