A pumpjack is seen near Calgary in 2014.Todd Korol/Reuters
Twin Butte Energy Ltd.'s lenders have granted it more time to find a buyer.
The company said it now has until June 21 before its bankers call in $225-million in credit facilities, it said. This is the latest of several extensions, and represents a change from its last missive.
The oil and gas producer said early this week that its lenders had refused to grant more time, and could demand a receiver be appointed by the end of this week.
With the oil-patch downturn approaching two years on, numerous oil and gas companies are struggling with debt as their cash flow has dwindled and banks have chopped their credit lines, often more than once.
Twin Butte hired Peters & Co. Ltd. and National Bank Financial to help it seek strategic alternatives, which would include a sale of the company. The process has been under way since December. The company did not say if a deal is imminent.