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BOK Financial Upsizes Kolibri Global Energy’s Revolving Line of Credit to $40MM

May 10, 2023, 07:40 AM
Filed Under: Energy
Related: BOK Financial

Kolibri Global Energy announced that its indirect wholly owned subsidiary BNK Petroleum (US) Inc. (“BNK US”) has obtained an increase in its borrowing base from $25 million to $40 million on its revolving line of credit from BOK Financial. The current outstanding amount drawn on the credit facility is US$18.2 million.

Wolf Regener, President and CEO, commented, “We are very pleased to have BOKF’s continued support and belief in our project and our team as we accelerate the development of our Tishomingo field. This 60% increase in our borrowing base provides us more flexibility and supports our production and cash flow growth initiatives.”

The increase in available borrowing capacity gives BNK US the ability to draw down an additional US$21.8 million for the further development of the Company’s Tishomingo field in Oklahoma. The Credit Facility provides for interest only payments until the June 2026 maturity date, with bi-annual scheduled reserve redeterminations.

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