Milagro Oil & Gas Inc. - 2011-05-13

Closed a private placement of $250 million of its 10.500% senior secured second lien notes due in 2016. Concurrently with the placement of the notes, Milagro entered a new senior secured, first lien revolving credit facility. The new revolving credit facility allows borrowings of up to $300 million subject to an initial borrowing base of $170 million.