UPDATE 1-NuLoch Resources expands line of credit

Tue Jun 29, 2010 8:02am EDT

* Raises line of credit by 65 pct to C$14 mln

* Says produced 1,100 boe/d in late May

June 29 (Reuters) - NuLoch Resources Inc NLRa.V, a Canada-based petroleum and natural gas explorer and producer, said it increased its current line of credit by 65 percent to C$14 million ($13.5 million).

The company, which has assets in Western Canada and North Dakota, also said it produced 1,100 barrels of oil equivalent per day (boe/d) in late May, and the production consisted of 73 percent light oil.

In May, the company reported average first-quarter production of 837 boe/d and said it expected an exit target of 1,800 boe/d for the year.

Shares of the company closed at C$1.57 Monday on the Toronto Stock Exchange. ($1=1.035 Canadian Dollar) (Reporting by Arnika Thakur in Bangalore; Editing by Gopakumar Warrier)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.