TERRA ENERGY CORP. Terra Energy Corp. announced the renewal of its credit facility with its senior lender. The annual review of the corporation's credit facility has now been completed by Chartered Lender and the existing facility has been renewed at substantially the same terms and rates as the previous facility.
The facility is comprised of a $22.5 million revolving loan, an approximate $5 million Letters of Credit facility and a $700,000 remaining development line and is subject to annual and mid-term review. The facility is payable on demand with the next annual review scheduled for May 1, 2016.
