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The original (euro)30 million Secured Revolving Borrowing Base Facility Agreement (the "Original Facility") was put in place to support the funding of both the M1-A and M7-A development projects. In light of the success of the drilling program in the L8-D field and the delays in the M1-A development project, the Amended Facility has been established to finance the completion of the M7-A development project and to finance the modification work on the L11b-A platform that is required to tie-in the recently drilled L11b-A06 development well. Both the M7-A and L8-D fields are expected to commence production in the fourth quarter of 2009.
The Original Facility was comprised of two tranches; a (euro)25 million senior tranche to support the funding of the original development projects as well as a (euro)5 million junior tranche which was available in the event of unbudgeted field development costs. The initial availability under the Amended Facility is expected to fully cover Cirrus' net share of the remaining costs to complete the M7-A development and the required modifications and well tie-in at the L11b-A platform which are estimated to be approximately (euro)16 million.
The first draw on the Amended Facility is expected imminently for M7-A and later for L8-D following satisfaction of certain conditions related to L8-D. The facility reduction schedule has not changed from the Original Facility culminating in a maturity date of June 30, 2012.
Cirrus President and CEO David Taylor comments; "We are very pleased that we have concluded this revised agreement with RBS and are able to use the debt facility to fund our remaining development costs to bring both the M7-A and L8-D fields into production. Coupled with our strong balance sheet and cash position, this additional working capital allows Cirrus to continue with the accelerated exploration and development of its assets in the Netherlands. "
Cirrus Energy Corporation is an international oil and gas company headquartered in Calgary and has approximately 78.9 million fully diluted common shares outstanding.
Forward-Looking Statements
This press release may include forward-looking statements including opinions, assumptions, estimates and expectations of future production, cash flow and earnings. When used in this document, the words "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "plan", "should" and similar expressions are intended to be among the statements that identify forward-looking statements. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to, the volatility of oil and gas prices, the ability to implement corporate strategies, the state of domestic capital markets, the ability to obtain financing, changes in oil and gas acquisition and drilling programs, operating risks, production rates, reserve estimates, changes in general economic conditions and other factors more fully described from time to time in the reports and filings made by Cirrus with securities regulatory authorities.
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%SEDAR: 00021839E
SOURCE: Cirrus Energy Corporation
David Taylor, President and Chief Executive Officer, Pamela Orr, Vice President Finance and Chief Financial Officer, Cirrus Energy Corporation, Suite 208, 5 Richard Way S.W., Calgary, Alberta T3E 7M8, Canada, Website: www.cirrusenergy.ca, Telephone: (403) 216-5030, Facsimile: (403) 265-9530
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