News and Press Releases
Banking Finance
August 15, 2007
Sefton Resources Inc ("Sefton" or the "Company")
is pleased to announce that it
has reached agreement with the Bank of the West for a $10m. line of credit.
An
initial $1.5m will be drawn down, secured on the Tapia and Eureka leases, wells
and equipment. The funds are by way of a senior secured note carrying an
interest rate of 0.5 per cent over the US Prime Rate. In order to establish
this
line of credit, which is committed for 2 years, the Company has paid upfront
commitment fees of $7,500.
Commenting, Chairman, Jeremy Delmar-Morgan said "proceeds
will be used to
increase production at Tapia. A rig is now available to start on two of our
wells in September. In addition we will begin our pilot steaming programme
also
at Tapia".
The Company expects to report its interim financials in early
September at which
time more detailed information will be provided.
For further information, contact:
| John James (Jim) Ellerton, CEO |
Tel: 001 303 759 2700 |
| Jeremy Delmar-Morgan, Chairman |
Tel: 077 8900 4874 |
| David Millham, Investor Relations |
Tel: 020 7796 9999 |
| Nicola Marrin, Seymour Pierce Limited |
Tel: 020 7107 8000 |
Further information on Bank of the West
Bank of the West is a wholly owned subsidiary of BNP Paribas. It has branch
offices in California, Colorado and Kansas where Sefton's main assets and
production facilities are based. Bank of the West, founded in California in
1874, is the third largest commercial bank headquartered west of the
Mississippi, with over $66 billion in total assets and 681 banking locations in
19 states. The bank's Energy Lending group offers a complete range of treasury
management, interest and commodity hedging, leasing, and credit services
tailored to independent exploration and production companies, and companies in
various sectors of the energy industry.