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Gold/Mining/Energy : Stanford Oil & Gas (SOG was STB)
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To: Flea who wrote (103)6/30/1998 3:54:00 PM
From: Flea  Read Replies (1) of 196
 
Credit facility amended

Stanford Energy Corporation STB
Shares issued 24,209,418 Jun 29 close $0.29
Tue 30 Jun 98 News Release
Mr. Brad Colby reports
The company has amended the terms of its credit facility for the Enserch
producing properties. The essential terms of the amendments will see the
available credit facility increased from approximately $13.4-million (U.S.)
to approximately $14.4-million (U.S.). The increase was possible due to the
fact that the bank's engineering review reflects higher reserve values for
the properties. The principal balance will be repaid at $150,000 (U.S.) per
month.
The net working capital, after loan payments, generated from this increase
in the credit facility, has been substantially allocated to finance
additional completion of behind pipe and proven undeveloped reserves on the
Enserch property package. The majority of the capital improvements will be
implemented between now and year end. This program of capital improvements
will increase the company's cash flow. The improvements will be reflected
in the first quarter of calendar 1999. Based on current prices the increase
should be approximately $150,000 (U.S.) pe month by March 1999, increasing
to approximately $200,000 (U.S.) per month by June 1999.
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