Company News

BRIEF-Perpetual Energy Inc announces increase to credit facility

Nov 10 (Reuters) - Perpetual Energy Inc

* Perpetual Energy Inc announces increase to credit facility and provides 2018 guidance

* Perpetual Energy Inc - company’s board of directors has approved a total capital spending program of $39 million for 2018

* Perpetual Energy Inc - confirm capital spending plans and expected production and adjusted funds flow growth for 2018

* Perpetual Energy - 62.5% increase to its reserve-based credit facility confirm

* Perpetual Energy Inc - production growth of 30% in 2018 from 2017 levels is anticipated to drive 23% adjusted funds flow growth to $0.59 to $0.67/share

* Perpetual Energy Inc - Perpetual has expanded its credit facility lending syndicate to three banks

* Perpetual Energy Inc - perpetual credit facility lenders have agreed to increase borrowing limit from $40 million to $65 million

* Perpetual Energy Inc - maturity date of credit facility is May 31, 2019 and next semi-annual borrowing base review is scheduled for May 31, 2018

* Perpetual Energy Inc - increased borrowing limit is expected to provide sufficient liquidity to execute company’s 2018 business plan

* Perpetual Energy Inc - perpetual forecasts 2018 adjusted funds flow of $35 to $40 million ($0.59/share to $0.67/share)

* Perpetual Energy - increased borrowing limit is expected to retain optionality & incremental liquidity related to co’s 1.67 million investment in Tourmaline Oil Source text for Eikon: Further company coverage: