15th Aug 2007 17:08
Sefton Resources Inc15 August 2007 SEFTON RESOURCES INC BANKING FINANCE Sefton Resources Inc ("Sefton" or the "Company") is pleased to announce that ithas reached agreement with the Bank of the West for a $10m. line of credit. Aninitial $1.5m will be drawn down, secured on the Tapia and Eureka leases, wellsand equipment. The funds are by way of a senior secured note carrying aninterest rate of 0.5 per cent over the US Prime Rate. In order to establish thisline of credit, which is committed for 2 years, the Company has paid upfrontcommitment fees of $7,500. Commenting, Chairman, Jeremy Delmar-Morgan said "proceeds will be used toincrease production at Tapia. A rig is now available to start on two of ourwells in September. In addition we will begin our pilot steaming programme alsoat Tapia". The Company expects to report its interim financials in early September at whichtime more detailed information will be provided. For further information, contact: John James (Jim) Ellerton, CEO Tel: 001 303 759 2700Jeremy Delmar-Morgan, Chairman Tel: 077 8900 4874David Millham, Investor Relations Tel: 020 7796 9999Nicola Marrin, Seymour Pierce Limited Tel: 020 7107 8000 Further information on Bank of the West Bank of the West is a wholly owned subsidiary of BNP Paribas. It has branchoffices in California, Colorado and Kansas where Sefton's main assets andproduction facilities are based. Bank of the West, founded in California in1874, is the third largest commercial bank headquartered west of theMississippi, with over $66 billion in total assets and 681 banking locations in19 states. The bank's Energy Lending group offers a complete range of treasurymanagement, interest and commodity hedging, leasing, and credit servicestailored to independent exploration and production companies, and companies invarious sectors of the energy industry. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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