Strategic Oil & Gas Ltd. - 2011-05-31
Description
The company announces that its primary lender, Alberta Treasury Branches (ATB) has approved an increase to its available revolving operating line of credit from $5,000,000 to $21,000,000 effective May 31, 2011. The terms are similar to previous terms with the most notable change being that the interest rate has been decreased to prime plus 1.25% to reflect current market conditions for a credit facility of this nature. The increase in value of the facility is primarily attributed to the oil and gas properties acquired in the acquisition of Steen River Oil & Gas Ltd.