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ATB Financial Provides $35MM Credit Facility to Hemisphere Energy

July 28, 2021, 07:27 AM
Filed Under: Energy
Related: ATB Financial

Hemisphere Energy Corporation entered into a new extendible two year committed term facility with ATB Financial, providing for borrowings of up to $35,000,000. As part of entering into the Credit Facility, the Company has fully repaid and terminated its existing term loan with Cibolo Energy Partners. The refinancing resulting from the new Credit Facility is expected to provide additional flexibility to the Company, and is anticipated to result in a significant reduction in corporate interest costs for Hemisphere moving forward.

Hemisphere's Former Term Loan was instrumental in allowing the Company to grow its operations, reserves, and cash flow over the past four years such that Hemisphere could return to a reserve-based loan with a Canadian institution that offers a long-term partnership to help support further growth.

Hemisphere's 2021 plans remain unchanged from previously announced guidance. The Company intends to drill up to three wells in Atlee Buffalo by the end of the third quarter, and will use any excess cash flow to further pay down debt.

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