Followers | 210 |
Posts | 11026 |
Boards Moderated | 1 |
Alias Born | 04/20/2011 |
Friday, July 21, 2017 8:44:40 AM
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.
In addition, Ponderosa has applied for permits to drill three drill-ready targets, the first of which it anticipates completing and testing by mid-August. The wells will be drilled in conjunction with Molori's and Ponderosa's plans to test the Red Cave formation at approximately 2500 feet, and are anticipated to cost approximately USD $250,000-$300,000 per well.
https://finance.yahoo.com/news/molori-energy-inc-funded-ready-120000359.html
I am a trader, only a trader. my posts are my opinion and are
not for sale. I do my DD, I advise you to do yours. My posts
are not recommendations to buy or sell. I have never and
will not accept payment to post on any stock. So don't ask.
Lingerie Fighting Championships Signs Broadcast Deal With Maybacks Global Entertainment • BOTY • Sep 26, 2024 9:00 AM
Maybacks Global Entertainment and Lingerie Fighting Championships Enter Into Broadcast And Revenue Sharing Agreement • AHRO • Sep 26, 2024 8:30 AM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM