|By Marketwired .||
|May 29, 2014 05:59 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/29/14 -- Essential Energy Services Ltd. (TSX:ESN) ("Essential") has entered into a renewed credit agreement dated May 29, 2014 (the "Credit Agreement") with a syndicate of lenders including National Bank of Canada, The Toronto-Dominion Bank, HSBC Bank Canada and Canadian Western Bank (the "Lenders"). The Credit Agreement provides Essential with a three-year revolving $100 million secured credit facility. In addition, there is an accordion feature that allows Essential to increase the credit facility by $35 million at a future date, subject to certain terms and conditions, including Lenders' consent. The maturity date is May 31, 2017.
On May 29, 2014, Essential had $41 million of debt outstanding.
Essential is a growth-oriented, dividend paying corporation that provides oilfield services to producers in western Canada for producing wells and new drilling activity. Essential operates the largest coil tubing well service fleet in Canada with 47 coil tubing rigs and a fleet of 55 service rigs. Essential also sells, rents and services downhole tools and equipment including the Tryton Multi-Stage Fracturing System (Tryton MSFS®). Further information can be found at www.essentialenergy.ca.
The TSX has neither approved nor disapproved the contents of this news release.
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