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Canadian Overseas Petroleum secures debt facility to fund Atomic Oil and Gas acquisition
StockMarketWire.com
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Oil and gas company Canadian Overseas Petroleum said it had secured a four-year credit facility for up to US$65 million, paving the way to fund its $54 million acquisition of Atomic Oil and Gas.
Funds from the facility would be used to pay Atomic the remaining $41 million cash component outstanding to complete the transaction, the company said.
'This loan will facilitate the completion of the Atomic acquisition which will be materially value enhancing to COPL, providing an immediate and growing revenue stream from day one,' it added.
The company is acquiring 31.1 million barrels of oil equivalent, or BOE, of reserves, from the acquisition.
'Crude oil prices have increased by 50% since we entered into the transaction thus enhancing the overall value of the proposition,' the company said.
At 8:29am: (LON:COPL) Canadian Overseas Petroleum Limited Com Shs Npv share price was 0p at 0.23p
Story provided by StockMarketWire.com
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