Aurora Oil & Gas Lands $300M Bank-Loan Package; Shares Slide 1.3%
Aurora Oil & Gas Ltd (AEF.TO) is down about 1.3% at $2.22 a share, slipping several cents despite securing a $300 million bank loan facility to support its Sugarkane Field project in the Eagle Ford shale formation of east Texas.
The funding is being structured as a 5-year revolving credit facility with availability determined relative to Aurora's proven reserves. The borrowing base initially is set at US$85 million with the company expected to transition reserves into the proved category by the end of 2012 following an accelerated drilling program now underway.
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