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
Deutsche Rohstoff identifies, develops and divests attractive resource projects in North America, Australia and Europe. The focus is on the development of oil and gas opportunities within the United States. Metals, such as gold, copper, rare earth elements, tungsten and tin complete our portfolio. For more information please visit www.rohstoff.de.
Deutsche Rohstoff AG
Tel. +49 621 490 817 0