CALGARY,
AB, June 6, 2024 /CNW/ - (TSX: RBY)
– Rubellite Energy Inc. ("Rubellite" or the "Company"),
a pure play Clearwater oil
exploration and development company, is pleased to announce that
the annual borrowing base redetermination of the Company's credit
facility has been completed. The borrowing base has been increased
to $60 million, until the next
scheduled semi-annual borrowing base redetermination, an increase
from $52.0 million and which was
previously scheduled to reduce, by $5.0
million at the end of each quarter, to $40.0 million at December
31, 2024. Additionally, the applicable margin applied to
borrowings under the credit facility will fall by 1.5%.
The initial term has been extended to May
31, 2025 and may be extended for a further twelve months to
May 31, 2026 subject to lender
approval. If not extended by May 31,
2025, all outstanding advances would be repayable on
May 31, 2026. The next semi-annual
borrowing base redetermination is scheduled on or before
November 30, 2024.
At March 31, 2024, Rubellite had
bank borrowings of $37.1 million and
outstanding letters of credit of $2.7
million.
ABOUT RUBELLITE
Rubellite is a Canadian energy company engaged in the
exploration, development and production of heavy crude oil from the
Clearwater formation in
Eastern Alberta, utilizing
multi-lateral drilling technology. Rubellite has a pure play
Clearwater asset base and is
pursuing a robust organic growth plan focused on superior corporate
returns and funds flow generation while maintaining a conservative
capital structure and prioritizing environmental, social and
governance ("ESG") excellence. Additional information on Rubellite
can be accessed at the Company's website at www.rubelliteenergy.com
and on SEDAR+ at www.sedarplus.ca.
The Toronto Stock Exchange has neither approved nor disapproved
the information contained herein.
SOURCE Rubellite Energy Inc.