Molori Energy Inc. Funded And Ready To Commence Drilling Program In Texas Panhandle – 7/20/2017
Borger, Texas –(Newsfile Corp. – July 20, 2017) Molori Energy Inc. (TSXV: MOL OTCQB: MOLOF) (“Molori” or the “Company”) is pleased to report that its Texas-based operating partner, Ponderosa Energy, LLC (“Ponderosa”) has secured a reserve based loan (“RBL”) facility from a Texas bank. The proceeds of the RBL, together with cash on hand and current cash flows, will initially be applied towards the accelerated development of its well re-completion program. The initial facility size is USD $5,000,000 with a term of three (3) years. Outstanding funds used for development will accrue interest at a rate of Prime Rate + 25 basis points (0.25%) with a floor of four percent (4.00%). The RBL is a crucial milestone for operational growth and will provide additional liquidity for well re-completions, acquisitions, new drilling and working capital.