Press release from Marketwire
Eagle Energy Trust Announces US$ 8.5 Million Acquisition of Remaining Interest in its Permian Basin Properties and 26% Increase to its Credit Facility
Tuesday, April 23, 2013
Eagle Energy Trust Announces US$ 8.5 Million Acquisition of Remaining Interest in its Permian Basin Properties and 26% Increase to its Credit Facility08:00 EDT Tuesday, April 23, 2013
CALGARY, ALBERTA--(Marketwired - April 23, 2013) - Eagle Energy Trust (TSX:EGL.UN) is pleased to announce that its U.S. subsidiary, Eagle Energy Acquisitions LP ("Eagle"), has acquired all of the remaining interest in its oil and natural gas properties in the Permian Basin located near Midland, Texas for cash consideration of $US 8,544,500, subject to closing adjustments and effective as of January 1, 2013 (the "Acquisition"). Eagle now owns a 100% working interest in its Midland area properties.
The Acquisition was made pursuant to the terms and conditions of the April 2012 purchase and sale agreement for Eagle's initial acquisition of its interest in the Midland area properties. Under the terms of the purchase and sale agreement, Eagle had agreed to purchase the seller's remaining 7.5% undivided interest by April 30, 2013.
Eagle is also pleased to announce that the borrowing base under its credit facility, with Bank of Nova Scotia acting as agent, has increased to $US 61 million from $US 48.5 million effective April 22, 2013. In addition, the credit facility has been syndicated to include Canadian Imperial Bank of Commerce as a new lender.
About Eagle Energy Trust
Eagle is an oil and gas energy trust created to provide investors with a publicly traded, oil and natural gas focused, reliable distribution paying investment, with favourable tax treatment relative to taxable Canadian corporations.
All material information pertaining to Eagle Energy Trust may be found under Eagle's issuer's profile at www.sedar.com or on Eagle's website at www.EagleEnergyTrust.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Eagle Energy Trust
Richard W. Clark
President and Chief Executive Officer
Eagle Energy Trust
Chief Financial Officer