DENVER and HOUSTON, Sept. 2,
2014 /PRNewswire/ -- Escalera Resources Co.
(NASDAQ: ESCR) is pleased to announce that it has entered into a
new $250 million credit facility with
Societe Generale, who is acting as both the Administrative Agent
and initial Lender, and SG Americas Securities, LLC as Bookrunner
and Sole Lead Arranger. The facility has a term of three years and
replaces the Company's previous revolving credit facility. The new
credit facility has an initial borrowing base of $50 million, with borrowing costs comparable to
Escalera's previous revolving credit facility. Durham Capital
Corporation acted as the Company's financial advisor in connection
with the new credit facility.
Management Comments
Adam Fenster, Chief Financial
Officer of Escalera said; "We are pleased to have completed the
refinancing of this new credit facility with Societe Generale, one
of the industry's leading banks. This refinancing paves the way for
the repositioning of Escalera to execute on its strategy of
acquiring additional producing natural gas properties and the
related reserves. We are very excited to have Societe Generale as
our key financial partner and are looking forward to the
opportunities ahead."
About Escalera Resources Co.
Escalera Resources Co. is headquartered in Denver, CO, with executive offices in
Houston, TX and a regional office
is Casper, WY. Escalera explores,
develops and transports natural gas in the U.S. and is seeking
strategic acquisitions of abundant, low-cost, dry natural gas
assets that are currently undervalued or underutilized; and
identifying alternative ways to enhance the value of its dry
natural gas reserves.
This release may contain forward-looking statements regarding
Escalera Resources Co.'s future and expected performance based on
assumptions that the Company believes are reasonable. No
assurances can be given that these statements will prove to be
accurate. A number of risks and uncertainties could cause
actual results to differ materially from these statements,
including, without limitation, decreases in prices for natural gas
and crude oil, unexpected decreases in gas and oil production, the
timeliness, costs and results of development and exploration
activities, unanticipated delays and costs resulting from
regulatory compliance, and other risk factors described from time
to time in the Company's Forms 10-K and 10-Q and other reports
filed with the Securities and Exchange Commission. Escalera
undertakes no obligation to publicly update these forward-looking
statements, whether as a result of new information, future events
or otherwise.
Company Contact:
John Campbell, IR
(303) 794-8445
www.escaleraresources.com
SOURCE Escalera Resources Co.