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CALGARY, AB, July 3, 2024 /CNW/ -
Credit Facility Update
Highwood Asset Management Ltd. ("Highwood" or the "Company") (TSXV: HAM) is pleased to announce that the annual borrowing base redetermination of the Company's credit facility has been completed. As a result of its successful drilling program that delivered significant PDP reserves growth, the borrowing base has been increased from $100 million to $110 million, comprised of a $10 million operating facility and $100 million syndicated credit facility (together, the "Credit Facilities"). The maturity date of the Credit Facilities has been extended from August 2, 2025 to August 2, 2026. If not extended, the Credit Facilities would be repayable on August 2, 2026. The next semi-annual borrowing base determination is scheduled on or before November 30, 2024.
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