Mannheim/Denver. Cub Creek Energy signed a credit agreement with a leading US energy lender that enables the company to draw up to USD 25 million to fund its ongoing drilling program. The lender charges a flexible interest rate that currently aggregates to approximately 4% per annum. The facility will be redetermined from time to time based on the value of the company’s oil and gas reserves.
Cub Creek is currently preparing to complete seven wells that were drilled in April and May from its Hailey pad and is drilling 16 wells from its Litzenberger pad. The Management expects start of production from the Hailey pad in August and from the Litzenberger pad in early 2018.
Mannheim, 22 June 2017
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