Canadian 88 Energy Corp. Announces $300 Million Expanded Production Loan Facility.CALGARY, ALBERTA--(BUSINESS WIRE)--June 7, 1999-- Canadian 88 Energy C (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :EEE EEE eastern equine encephalomyelitis. EEE eastern equine encephalomyelitis. ) (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :EEE) (AMEX AMEX See: American Stock Exchange :EEE) Canadian 88 Energy Corp. (EEE) of Calgary, Alberta is pleased to announce the establishment of a new expanded production loan facility in the amount of $300 million with a syndicate of banks arranged by Chase Securities Inc. with The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. of Canada as Administrative Agent and Barclays Bank PLC. as Syndication Agent. This expansion of the Company's existing $205 million bank facility reflects the significant increase of 90 percent in Canadian 88's proved producing reserves from 319 bcfe to 607 bcfe during 1998 with total proven and probable reserves at January 1, 1999, as evaluated by McDaniel & Associates Consultants Ltd. of 1,338 bcfe consisting of 940 bcf of natural gas and liquids reserves of 39.8 million barrels. Closing of an initial $280.5 million of commitments was finalized today with provision to increase by $19.5 million to $300 million at a future date. Canadian 88 President, Greg Noval, said in Calgary today that the Company is one of the few oil and gas companies in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. to be able to increase its energy credit facilities during the past twelve months and nearly double its proved producing reserve base with the drill bit in spite of a very turbulent energy market. Mr. Noval also noted that the expansion of the facility speaks well for Canadian 88's long-life quality reserve base and significant production increases achieved by the Company. Canadian 88 recently reported a 41 percent increase in production for the 1st quarter of 1999. Further significant growth is anticipated from the Company's very active Foothills gas drilling program in Western Canada. Canadian 88 Energy Corp. (EEE) is an independent public oil and gas company with its head office in Calgary, Alberta, Canada. The shares of Canadian 88 Energy Corp. are traded on the Toronto, Alberta and American Stock Exchanges This is a list of American stock exchanges. Stock exchanges in Latin America (where Spanish and Portuguese prevail) use the term Bolsa de Valores, meaning 'bag' or 'purse' of 'values'. . NOTE TO EDITORS: The information contained herein has neither been approved nor disapproved by the Toronto, Alberta and American Stock Exchanges. |
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