Press release from Marketwire
Strad Announces the Syndication and Increase of Credit Facilities
Tuesday, July 26, 2011
Strad Announces the Syndication and Increase of Credit Facilities17:30 EDT Tuesday, July 26, 2011CALGARY, ALBERTA--(Marketwire - July 26, 2011) -NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.Strad Energy Services Ltd. ("Strad") (TSX:SDY) is pleased to announce the syndication and expansion of its credit facilities. The new facilities increase Strad's aggregate credit limit to $100 million from its previous limit of $49 million. The credit facilities consist of a $15 million committed revolving operating facility and an $85 million committed revolving loan facility and have a maturity date of July 26, 2014. The revolving loan facility can be increased up to $110 million, upon request of Strad and subject to review and approval by the lenders. The new three year committed facility is secured by substantially all of the Corporation's assets and includes customary terms, conditions and covenants.The increased credit facilities will be used to facilitate future growth initiatives of Strad.ABOUT STRAD ENERGY SERVICES LTD.Strad is a diversified energy services company that focuses on providing oilfield solutions to the oil and natural gas industry in the Western Canadian Sedimentary Basin and throughout the United States. Strad operates with two core divisions: Drilling Services and Production Services. Drilling Services focuses on providing complete customer solutions in drilling-related oilfield equipment for producers active in unconventional resource plays. Production Services focuses on delivering a range of products and services to support the ongoing maintenance of natural gas and oil production. Strad is headquartered in Calgary, Alberta, Canada. Strad is listed on the Toronto Stock Exchange under the trading symbol "SDY".FOR FURTHER INFORMATION PLEASE CONTACT: Henry van der SlootStrad Energy Services Ltd.Chief Executive Officer(403) 249-7336(403) 232-6901 (FAX)firstname.lastname@example.orgORAndy PernalStrad Energy Services Ltd.President(403) 775-9202(403) 232-6901 (FAX)email@example.comORByron JohnsonStrad Energy Services Ltd.Chief Financial Officer(403) 775-9219(403) 232-6901 (FAX)firstname.lastname@example.orgThe TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.