Argent boosts loan commitments to $160 million for oil asset purchase

By Susanna Moon

Chicago, Oct. 10 - Argent Energy Trust said it received a commitment from a Canadian chartered bank to expand its credit facility to $160 million for the acquisition of oil producing assets.

After closing, the trust expects to have about $125 million drawn on its facility, according to a press release.

Argent Energy (US) Holdings Inc., a wholly owned subsidiary of the trust, has entered into a binding agreement to acquire producing petroleum properties in Wyoming from a private company for a purchase price of about $105 million, with closing set for Oct. 25.

Argent is a foreign asset trust based in Calgary, Alta., with oil and gas properties located primarily in south Texas and Oklahoma.

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