Novus Energy Secures Additional Loan Capacity; Says 26 Wells Now in Production
Novus Energy Inc. (NVS.V) is again ahead 2 cents to 93 cents a share, bouncing back after a brief negative turn following the company saying it secured an additional $20 million in borrowing capacity. The new loan facilities consist of a $50 million revolving operating demand loan package as well as a $10 million acquisition and development demand loan facility that will be used for the company's 2011 drilling program.
Novus already has completed 30 of 34 Viking oil wells in the Dodsland area of Saskatchewan, with 26 of those wells now in production. The company said its pleased with the initial rates the wells have demonstrated to date, adding they continue to meet budgeted figures of $850,000 per well.
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