Exall Energy Corporation

Exall Energy Corporation

April 02, 2009 17:21 ET

Exall Energy Announces Increase in Credit Facility

CALGARY, ALBERTA--(Marketwire - April 2, 2009) - Exall Energy Corporation ("Exall Energy" or the "Company") (TSX:EE) announces that its bank has approved an increase in its credit facility.

As discussed in the December 31, 2008 audited financial statements and Management's Discussion and Analysis ("MD&A"), National Bank of Canada has approved an increase in the Company's credit facility to $6.5 million. The revolving demand credit facility bears interest at the lender's prime rate plus 1.25 percent, is secured by a fixed and floating charge debenture and is subject to periodic review by the bank. The Company is in compliance with all banking covenants.

About Exall

Exall Energy Corporation is a junior oil and gas company active in its business of oil and gas exploration, development and production from its properties in Alberta, British Columbia and Texas. Exall is currently developing a new oil discovery in north-central Alberta which will add significant production in 2009. The Company's common shares are listed on the Toronto Stock Exchange under the trading symbol EE.

Reader Advisory

This news release contains forward-looking statements, which are subject to certain risks, uncertainties and assumptions, including those relating to results of operations and financial condition, capital spending, financing sources, commodity prices and costs of production. 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. A number of factors could cause actual results to differ materially from the results discussed in such statements, and there is no assurance that actual results will be consistent with them. Such factors include fluctuating commodity prices, capital spending and costs of production, and other factors described in the Company's most recent Annual Information Form under the heading "Risk Factors" which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com. Such forward-looking statements are made as at the date of this news release, and the Company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.

Please visit Exall Energy's website at: www.exall.com.

Contact Information

  • Exall Energy Corporation
    Frank S. Rebeyka
    Vice Chairman & CEO
    Exall Energy Corporation
    Roger N. Dueck
    President & COO
    403-237-7820 x 223