Molori Energy Inc. (
TSX: V.MOL,
OTCQB: MOLOF,
Forum) said Thursday it is ready to begin drilling on the Texas Panhandle after its U.S. partner Ponderosa Energy secured a reserve based loan facility from a Texas bank.
The initial facility size is US$5 million with a term of three years, the company said in a press release.
More information can be found
here.
Molori Energy was in the news recently when
it released preliminary operating results for the three and six-month period ending April 30, 2017. Highlights included a 135% quarter over quarter production increase in Q2.
FULL DISCLOSURE: Molori Energy Inc. is a paid client of Stockhouse Publishing.