Melbourne, July 1, 2009 (ABN Newswire) - Marion Energy Limited (ASX:MAE)(PINK:MAEJF) advises that its existing Senior Secured Credit Facility held with its bankers has been increased by US$ 6 million to a total of US$ 42 million. The total facility has been renewed until 30 September, 2009 and is secured by the Company's assets, including its Utah and Oklahoma projects. The increase is fully available.
The terms and conditions of the increased facility are set out below:
Summary of key terms
- Increase in limit from US$ 36 million to US$ 42 million
- Total Facility renewed until 30 September, 2009
- Interest rate 11.375% per annum
- Issue of 10 million unlisted options, strike price A$0.375, expiry date 1 July, 2012
About Marion Energy Limited
Marion Energy Limited is following a low risk strategy of pursuing gas reserves and associated production in the Rocky Mountains and Mid-Continent regions. The Company's activities are generally within the geographic confines of or adjacent to known production and within easy access of existing pipeline infrastructure. We have been able to accumulate an enviable lease position where the company is undertaking a highly successful development drilling program.
Contact
North American Contact: Mr Jeff Clarke Managing Director & CEO Ph: +1 214 244 7690 Email: jclarke@marionenergy.com
Australian Contact: Mr Peter Collery Executive Director and Company Secretary Ph: + 61 3 8862 6466 Email: peter@marionenergy.com.au
Marion Energy Limited
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