CALGARY, Alberta, May 31, 2019 (GLOBE NEWSWIRE) -- Traverse Energy Ltd. (“Traverse” or “the Company”) (TSX Venture: TVL) is providing a corporate update. The Company’s lender has extended the annual review date of the Company’s revolving operating loan facility to July 31, 2019 in order to complete the annual borrowing base redetermination. The revolving operating loan has been amended from $9 million to $7 million, which is consistent with the Company’s lender having previously capped the credit facility at $7 million pending the completion of the annual review, and includes a requirement that Traverse use all of the proceeds from the potential sale of the Company’s Duvernay lands to permanently repay borrowings under the revolving operating loan.
Traverse also announces that at its Special and Annual Meeting of Shareholders held on May 22, 2019, Laurie Smith, David Erickson, David van der Lee, Adam Wells, Robert Libin and Reid Hutchinson were elected as directors. Prior to the meeting Dan Kolibar withdrew his name as a director nominee as he advised the Company he was not able to serve as a director during the ensuing year due to conflicting obligations. Sharon Supple, the Company’s Chief Financial Officer, was appointed Corporate Secretary effective May 22, 2019.
For more information, please contact:
Traverse Energy Ltd.
Laurie Smith
President and Chief Executive Officer
Further details on the Company including the 2018 year end audited financial statements, the related management’s discussion and analysis and Annual Information Form are available on the Company’s website (www.traverseenergy.com) and SEDAR.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of the content of this release.
