Velvet Energy Ltd.

Completed a private placement of senior secured second-lien notes due 2023. Placed notes with funds advised by FS Investments and sub-advised by GSO Capital Partners LP, and certain investment funds managed by CI Investments Inc. Velvet Energy will temporarily pay down existing bank debts and fund an expanded Edson Ellerslie development program. The company will draw C$30 million on the equity line led by its private-equity investors. This will support early-stage exploration activities. Financing will not change the terms of the C$165 million syndicated credit facility. RBC Capital Markets was the placement agent for the notes.