Atlas America obtains new $75 million credit facility

By Sara Rosenberg

New York, Aug. 1 - Atlas America Inc., a subsidiary of Resource America Inc., entered into a new $75 million credit facility. The facility was led by Wachovia Bank and included Union Bank of California.

The new loan replaces the company's existing $45 million credit facility, providing additional borrowing capacity subject to the growth of oil and gas reserves.

"This agreement will provide additional liquidity to our energy business as we continue to increase our oil and gas reserve base through acquisitions and drilling. We look forward to continuing our relationship with Wachovia and welcome Union Bank as one of our new lenders," said Steven Kessler, chief financial officer, in a company press release.

Resource America is a Philadelphia, Pa. proprietary asset management company.

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