Press release from Marketwire
Painted Pony Petroleum Ltd. Announces Increase in Credit Facility to $100.0 Million
Monday, May 14, 2012
Painted Pony Petroleum Ltd. Announces Increase in Credit Facility to $100.0 Million16:05 EDT Monday, May 14, 2012CALGARY, ALBERTA--(Marketwire - May 14, 2012) -NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESPainted Pony Petroleum Ltd. ("Painted Pony" or the "Company") (TSX VENTURE:PPY.A) announces that its demand revolving credit facility which is provided by a Canadian chartered bank (the "Lender") has been increased from $80 million to $100.0 million (the "Facility"). The Facility is subject to a review by the Lender to be conducted on or before February 1, 2013. Security for the Facility is provided by a first fixed and floating charge demand debenture for $150 million on all of the Company's assets, which will replace the previous fixed and floating charge demand debenture for $100 million. Completion of the increased Facility is subject to standard conditions. At present, Painted Pony has no funds drawn under the Facility and has an estimated positive working capital position as at March 31, 2012 of $43 million.The Company will also be undertaking a series of presentations to interested parties over the next two weeks in various cities across Canada and the United States. Interested parties are invited to visit the Company's website to view an updated corporate presentation. Painted Pony Petroleum Ltd. was recognized as a TSX Venture 50® Company in 2012. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.FOR FURTHER INFORMATION PLEASE CONTACT: Patrick R. WardPainted Pony Petroleum Ltd.President & CEO(403) 475-0440ORJoan E. DunnePainted Pony Petroleum Ltd.Vice President, Finance & CFO(403) 475-0440OR300, 602 - 12 Ave SWPainted Pony Petroleum Ltd.Calgary, AB T2R 1J3(403) 475-0440(403) 238-1487 (FAX)Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.