Freedom Oil gets $500 million reserve-based lending facility via Wells

By Susanna Moon

Chicago, Oct. 12 – Freedom Oil & Gas Ltd. said it obtained an up to $500 million reserve-based lending facility with Wells Fargo Bank.

The initial bank lending commitment is $20 million, and Freedom plans to make its initial draw before the end of December, according to a company announcement.

Proceeds will be used to fund development activities on Freedom’s Eagle Ford Shale acreage in Dimmit County, Texas.

Freedom is an oil and gas exploration and production company based in Houston.

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