Page 19 - NorthAmOil Week 26

NorthAmOil NEWS IN BRIEF NorthAmOil

MOVES streamlining drilling and completion TORC Oil & Gas announces
operations, the addition of a construction
Yangarra announces division and the benefit of the adoption of completion of annual credit
real time invoicing, Yangarra has moved
completion of borrowing away from a cash flow neutral budget to facility redetermination
one that generates monthly free cash flow
base review of CAD1mn with that free cash flow rate TORC Oil & Gas is pleased to announce
the company’s credit facility has been
accelerating during spring break up. All free
Yangarra Resources has completed its annual cash flow will be devoted to debt repayment. confirmed at CAD425mn, with the
borrowing base review and the syndicated Capital spending decisions will continue to borrowing base determination dates under
senior credit facility has been confirmed be determined by full cycle rates of return the credit agreement to be amended to May
at CAD210mn of which the company was with a threshold of US$40/barrel WTI for and November annually, from April and
drawn approximately CAD195mn. The term completions and US$45/barrel WTI for October. TORC has received formal lender
out date has been extended to May 28, 2021 drilling. commitments from all syndicate members
and the maturity date has been extended to The company’s banking syndicate is led and expects credit documentation to be
May 28, 2022. The only changes to terms by Alberta Treasury Branches and includes completed by July 3, 2020.
and conditions are to the interest rate grid Canadian Imperial Bank of Commerce and TORC Oil & Gas is a Calgary-based
and the elimination of the company’s normal National Bank of Canada. company active in the acquisition,
course issuer bid (NCIB) which had not been YANGARRA RESOURCES, June 30, 2020 exploration, development and production of
utilised. crude oil and natural gas in Western Canada.
With the cost savings generated by TORC OIL & GAS, June 30, 2020

Week 26 02•July•2020 www. NEWSBASE .com P19