Enhanced Oil Resources Inc. - 2010-12-27
Description
Two of the company's U.S. subsidiaries have executed a reducing revolving credit facility with Regions Bank in Houston, providing for as much as US$25 million in development financing for its oil and gas properties in New Mexico. The new credit facility provides an initial borrowing base of US$3.6 million, and proceeds may be used to fund oil-field acquisitions, developmental drilling and other working capital requirements.