The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Vero Energy Inc. announces increase in credit facility and appointment of new board member

Monday, April 12, 2010

Vero Energy Inc. announces increase in credit facility and appointment of new board member19:01 EDT Monday, April 12, 2010CALGARY, April 12 /CNW/ - Vero Energy Inc. ("Vero" or the "Company") is pleased to announce that it has concluded its 2010 banking review and has received a commitment from its banking syndicate for renewal of its credit facility in the amount of $140 million. Canadian Imperial Bank of Commerce will continue to lead the syndicate and is joined by Alberta Treasury Branches and newcomer to the Vero syndicate, The Bank of Nova Scotia. Vero is pleased that it's strong fourth quarter 2009 and first quarter, 2010 drilling program supported the 22% increase in its borrowing base from $115 million in 2009 to the current $140 million. The credit facility is subject to the execution of final documentation which is anticipated to be completed by April 30. It is currently anticipated that the increased credit facility will provide Vero with sufficient flexibility to execute upon its capital plan for 2010.Vero is also pleased to announce the appointment of Mr. Paul Cameron Allard to its board of directors. Mr. Allard is an independent businessman based out of Edmonton, Alberta. He is a principal and since 2001 has been with DIA Holdings Ltd., a privately held real estate company that owns and develops commercial and residential real estate in North America.This press release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). Specifically, this press release contains forward-looking statements relating to Vero's ability to execute upon its 2010 capital plan.. Although Vero believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Vero can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements contained in this press release speak only as of its date and are expressly qualified by this cautionary statement. These forward-looking statements are based on certain key assumptions. The reader is cautioned that such assumptions, although considered reasonable by Vero at the time of preparation, may prove to be incorrect.The forward looking statements contained in this press release are made as of the date hereof and Vero undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.The Toronto Stock Exchange has neither approved nor disapproved the contents of this press release.%SEDAR: 00022902EFor further information: Doug Bartole, President & Chief Executive Officer, (403) 218-2063; Gerry Gilewicz, Vice-President Finance & Chief Financial Officer, (403) 693-3170; Scott Koyich, Investor Relations, (403) 714-5979