Tamarack revolvers amended to increase borrowing base to C$220 million

By Angela McDaniels

Tacoma, Wash., Jan. 11 – Tamarack Valley Energy Ltd.’s extendible revolving credit facilities were amended to increase the borrowing base to C$220 million from C$120 million, according to a company news release.

After giving effect to this increase, the credit facilities are comprised of an extendible revolving syndicated term credit facility of $200 million (increased from C$110 million) and an extendible revolving working capital credit facility of C$20 million (increased from C$10 million).

The increase was concurrent with the closing of the company’s acquisition of Spur Resources Ltd. The total consideration paid by Tamarack, including assumed debt, was C$407.5 million.

Tamarack is an oil and gas exploration and production company based in Calgary, Alta.

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