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Makes second repayment of US$1 million on its debt facility with Macquarie Bank Limited from cash proceeds received from Eagle Ford Shale production.
Empyrean Energy PLC (LSE:AIM), a US onshore oil, gas and condensate exploration, development and production company with assets in Texas and California, is pleased to report that, further to the announcement on 2 July 2013, the Company has completed its second repayment of US$1,000,000 on its 3 year term debt facility for up to US$50 million with Macquarie Bank Limited.
The payment, which is funded from existing cash flow, reduces the amount currently outstanding on the Facility to US$8,520,664.
The facility is available to ensure the Company’s participation in the development of the Sugarloaf AMI, an Eagle Ford Shale Condensate and Gas development project in onshore Texas (‘Sugarloaf’), where Empyrean currently participates in over 91 producing wells. The Company expects that further draw downs will take place to fund the development of its 3% working interest in the Sugarloaf AMI, operated by Marathon Oil Company.
Empyrean CEO Tom Kelly commented, “We are delighted that recent cash flow from our interest in the Sugarloaf AMI has allowed us to make repayments and fund development without the need for further draw downs on the facility at this stage.
“Having reported a 119% increase in revenues on the year to March 2013 of £5.89m the Company looks forward to the year ahead with anticipation of results from down spacing initiatives in December 2013” said Mr. Kelly.
