SPRING ENERGY SIGNS LOAN FACILITY AGREEMENT WITH SEB
Spring Energy, Press release, 12 August 2008.
The Oslo-based oil company Spring Energy has signed a NOK 400 million loan facility agreement with Skandinaviska Enskilda Banken AB ("SEB")
The loan facility will assist Spring Energy in financing the company's 2008 - 2010 exploration and appraisal activities on the Norwegian Continental Shelf.
"The SEB loan facility together with the USD 120 million equity finance commitment by HitecVision Private Equity provide us with a strong financial basis to pursue our ambitious growth strategy" states Roar Tessem, CEO of Spring Energy.
Dated: 12 August 2008
Spring Energy Norway AS
For further information contact:
Roar Tessem, CEO, Spring Energy
Mob: +47 90666764
Or
Gunnar Halvorsen, Chairman of the Board, Spring Energy
Mob: +47 91833906
Or
Lars Husby, CFO, Spring Energy
Mob: +47 48400415
About Spring Energy:
Spring Energy is an Oslo-based independent Norwegian upstream oil and gas company actively pursuing growth opportunities in both mature and immature areas on the Norwegian continental shelf (NCS). The company was established in 2007 by a group of E&P professionals with extensive experience from the industry. Spring Energy will participate in exploration, appraisal and development projects on the NCS with the objective of developing a risk balanced portfolio over the next 3 to 5 years. To secure an optimal mix of assets, the company will seek to develop its portfolio through licensing rounds as well as pro-active participation in the transaction market. Spring Energy is financially backed by HitecVision, assisting the company in achieving its goal to develop a first class exploration and production company over the next few years. Spring Energy currently has a team of 19 highly competent employees, and will increase the team further throughout 2008.