Rubellite Energy expands credit facility for Clearwater acquisition

Chicago, Oct. 19 – Rubellite Energy Inc. announced that it is expanding its credit facility to accommodate the acquisition of certain Clearwater assets and undeveloped land in the Nixon area of northeast Alberta, according to a press release.

The purchase price is C$34 million, subject to customary closing adjustments.

The company’s credit facility will increase to C$60 million from C$40 million.

At the end of each quarter in 2024, the credit facility will reduce by C$5 million until it reaches C$40 million again at the end of the year.

The facility still matures on May 31, 2024, which may be extended 12 months subject to lender approval.

The company anticipates to draw C$40 million on the facility after closing the acquisition and the credit facility amendment in early November.

Rubellite is a pure play Clearwater oil exploration and development company based in Calgary, Alta.

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