SPRING ENERGY EXPANDS ITS EXPLORATION LOAN FACILITY WITH SEB
Spring Energy, Press release, 23 April 2009.
The Oslo-based oil company Spring Energy has signed a Term Sheet with Skandinaviska Enskilda Banken AB ("SEB") for an expansion of its revolving exploration loan facility from NOK 400 million to NOK 600 million.
The revolving exploration loan facility provides pre-funding of state tax refunds related to Spring Energy's exploration and appraisal expenditures on the Norwegian Continental Shelf.
The SEB loan facility together with the equity finance commitment of USD 120 million from HitecVision, enables the Company to pursue an ambitious exploration and appraisal driven growth strategy over the next couple of years.
The facility is conditioned upon a final Loan Agreement between SEB and Spring Energy.
END
Dated: 23 March 2009
Spring Energy Norway AS
For further information contact:
Roar Tessem, CEO, Spring Energy
Mob: +47 90666764
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). Spring Energy will participate in exploration, appraisal and development projects on the NCS with the objective of developing a risk balanced portfolio. 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 23 highly competent employees.