BRIEF-Arsenal Energy says borrowing base has been redetermined at $6 mln

Thu Jun 2, 2016 5:43pm EDT
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June 2 (Reuters) - Arsenal Energy Inc :

* Arsenal Energy Inc announces amended loan agreement

* Says borrowing base has been redetermined at $6.0 million

* Amending agreement requires company to repay all outstanding bank borrowings by august 31, 2016

* Has entered into letters of intent to sell 450 boe/d of canadian production for total proceeds of $12.0 million

* In order to satisfy conditions associated with amending agreement, company has engaged a chief restructuring officer

* Under terms of amending agreement, company has until June 30, 2016 to cure shortfall

* Intends to use proceeds from sales to reduce and repay company's outstanding bank debt Source text for Eikon: Further company coverage: