Brief: Rubellite Energy Inc. Announces Strategic Clearwater Acquisition, Credit Facility Expansion Operations Update, And Revised Guidance For 2023

Rubellite Energy

19/10/2023 23:28

Oct 19 (Reuters) - Rubellite Energy Inc  RBY.TO :
    * . ANNOUNCES STRATEGIC CLEARWATER ACQUISITION; CREDIT
FACILITY
EXPANSION; OPERATIONS UPDATE AND REVISED GUIDANCE FOR 2023
    * : ACQUISITION WILL BE FUNDED THROUGH RUBELLITE'S EXPANDED
CREDIT
FACILITY
    * AVERAGE CONVENTIONAL HEAVY OIL SALES PRODUCTION OF 3,154
BBL/D
FOR Q3 OF 2023, BASED ON PRELIMINARY ESTIMATES
    * RUBELLITE ENERGY - CREDIT FACILITY WILL REDUCE BY $5
MILLION AT
END OF EACH QUARTER DURING 2024, STARTING ON MARCH 31, 2024, TO
$40 MILLION AT DECEMBER 31, 2024
    * DEAL FOR ABOUT 800 BBL/D OF CONVENTIONAL HEAVY OIL SALES
PRODUCTION, 215 NET SECTIONS OF LAND ON SOUTHERN CLEARWATER PLAY
TREND
    * ANTICIPATES TO BE DRAWN APPROXIMATELY $40 MILLION ON ITS
CREDIT
FACILITY AFTER CLOSING ACQUISITION IN EARLY NOVEMBER
    * DEAL FOR FOR A TOTAL PURCHASE PRICE OF $34.0 MILLION
    * SEES 2023 SALES PRODUCTION AT 3,100 - 3,200 BBL/D

Source text for Eikon:  ID:nCNWSckBwa 
Further company coverage:  RBY.TO 

 (Reporting by Gnaneshwar Rajan)
 ((Gnaneshwar.Rajan@thomsonreuters.com;))