Press release from Marketwire
Anderson Energy Ltd. Confirms Extension of Credit Facility
Thursday, July 11, 2013
Anderson Energy Ltd. Confirms Extension of Credit Facility08:00 EDT Thursday, July 11, 2013
CALGARY, ALBERTA--(Marketwired - July 11, 2013) - Anderson Energy Ltd. ("Anderson" or the "Company") (TSX:AXL) confirms that pursuant to the recent borrowing base review of its existing credit facilities, the borrowing base was confirmed at the current level of $65 million. The maturity date of the credit facilities was extended to September 30, 2013 as the Company continues its process to identify, examine and consider a range of strategic alternatives with a view to enhancing shareholder value. The strategic alternatives may include, but are not limited to, a sale of all or a material portion of the assets of Anderson, and/or a drilling joint venture, either in one transaction, or in a series of transactions, the outright sale of the Company, or a merger or other strategic transaction involving Anderson and a third party. It is Anderson's current intention to not disclose developments with respect to its strategic alternatives process unless and until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary in accordance with applicable law. The Company cautions that there are no assurances or guarantees that the process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction or the impact it will have on the Company's financial position. The Company has not set a definitive schedule to complete the evaluation.
Certain statements in this news release including, without limitation, management's assessment of potential results of the strategic alternatives review process and disclosure intentions with respect to the strategic alternatives review process may constitute "forward-looking information" within the meaning of applicable securities legislation and necessarily involve risks and assumptions made by management of the Company, many of which are beyond the Company's control. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as the factors are interdependent, and management's future course of action would depend on its assessment of all information at the time. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and readers should not place undue reliance on the assumptions and forward-looking statements. Additional information on the risks and other factors that could affect Anderson's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or at Anderson's website (www.andersonenergy.ca).
The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Anderson Energy Ltd.
Brian H. Dau
President & Chief Executive Officer