Rubellite Energy Inc., a pure-play Clearwater oil exploration and development company, announced that the annual borrowing base redetermination of the Company's credit facility has been completed. The borrowing base has been increased to $60 million, until the next scheduled semi-annual borrowing base redetermination, an increase from $52.0 million and which was previously scheduled to reduce, by $5.0 million at the end of each quarter, to $40.0 million at December 31, 2024. Additionally, the applicable margin applied to borrowings under the credit facility will fall by 1.5 percent.

The initial term has been extended to May 31, 2025 and may be extended for a further twelve months to May 31, 2026 subject to lender approval. If not extended by May 31, 2025, all outstanding advances would be repayable on May 31, 2026. The next semi-annual borrowing base redetermination is scheduled on or before November 30, 2024.

On March 31, 2024, Rubellite had bank borrowings of $37.1 million and outstanding letters of credit of $2.7 million.

On March 30, 2022, Rubellite Energy Inc. completed a $25.3 million bought deal public offering with a syndicate of underwriters led by Peters & Co. Limited and a $13.4 million concurrent private placement offering.