Pipestone Energy Corp. successfully renews $225 million reserve based loan

30 April 2021

On April 30, 2021, Pipestone Energy Corp. (TSX: PIPE) ("Pipestone Energy") announced that is had successfully renewed and extended its Reserve Based Loan ("RBL" or "Credit Facility") with its syndicate of banks, re-affirming its borrowing base at $225 million.

Pipestone Energy has closed on its RBL renewal with its corporate banking syndicate, consisting of National Bank Financial Inc., Bank of Montreal, ATB Financial, and Canadian Western Bank. The Credit Facility's borrowing base and available capacity has been maintained at $225 million on a fully conforming basis. The revolving period for the RBL has been extended to May 31, 2022 with a maturity of May 31, 2023. The next borrowing base redetermination is scheduled for November 2021. The RBL renewal and extension ensures Pipestone Energy is fully funded to execute its previously released growth plans.

Pipestone Energy Corp. is an oil and gas exploration and production company with its head office located in Calgary, Alberta. The company is focused on developing its pure-play condensate-rich Montney asset in the Pipestone area near Grande Prairie.

Gowling WLG was counsel to Pipestone Energy with respect to this matter with a team that included Elizabeth Burton and Braden Sheps.

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