TUSK Energy Corporation
TSX : TSK

TUSK Energy Corporation

September 28, 2007 13:32 ET

TUSK Energy Corporation: $75.0 Million Credit Facility

CALGARY, ALBERTA--(Marketwire - Sept. 28, 2007) - TUSK Energy Corporation ("TUSK") (TSX:TSK) is pleased to announce that it has finalized a $75.0 million demand credit facility, comprised of a $60.0 million revolving/operating line and a $15.0 million acquisition/development line. These facilities, combined with cash flow from operations, provide TUSK with sufficient capital to fund its capital expenditure plans for the next 6 to 12 months.

TUSK is engaged in the acquisition, exploration, development and production of oil and natural gas reserves in four focus areas in the northwestern part of the Western Canadian Sedimentary Basin. TUSK is developing natural gas production in the Ellah area of northeastern British Columbia, light oil and natural gas in the Mega-Gutah area of northern Alberta, oil and natural gas on the Peace River Arch and natural gas in the Conroy area of northeastern British Columbia.

The information herein contains forward-looking statements and assumptions, such as those relating to results of operations and financial condition, capital spending, financing sources, commodity prices, costs of production and the magnitude of oil and gas reserves. By their nature, forward-looking statements are subject to numerous risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, actual results may differ materially from those predicted. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise, and as such, undue reliance should not be placed on forward-looking statements. TUSK undertakes no obligation, except as required by applicable securities legislation, to update publicly or to revise any of the statements, whether as a result of new information after the date hereof, future events or otherwise.

Contact Information

  • TUSK Energy Corporation
    John Rooney
    Chief Executive Officer
    (403) 264-8875
    or
    TUSK Energy Corporation
    Michael Makinson
    VP Finance and Chief Financial Officer
    (403) 264-8875
    Website: www.tusk-energy.com