Yangarra Announces Operations and Banking Update

Source: www.gulfoilandgas.com 5/19/2023, Location: North America

Yangarra Resources Ltd. ("Yangarra" or the "Company") provides an operations and banking update.

Operations Update
Yangarra commenced drilling operations at Chedderville in early May, with six wells planned. Completions activity is expected to restart in late May at West Ferrier with an on-stream target of early June on five wells.

Following the successful completion of the three initial wells at Chambers, Yangarra expects to drill six wells at Chambers this summer.

Wildfire Update
Third party facility impacts resulted in approximately 500 boe/d of shut-in production for approximately seven days. All shut-in production is back onstream, Yangarra will continue to monitor wildfire activity in the area and shut-in production when and if required for safety purposes.

Credit Facility Update
Yangarra has completed its borrowing base review and the Company’s syndicated senior credit facility has been set at $145 million with a banking syndicate of ATB Financial (lead) and Canadian Imperial Bank of Commerce. The credit facility will reduce by $5 million per quarter starting September 30, 2023, through to September 30, 2024, at which point the facility will remain at $120 million. The term out date has been extended to May 31, 2024, and the maturity date has been extended to May 31, 2025.

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