Tuesday, November 23, 2010

GE Arranges $150M Credit Facility for Oil and Gas Exploration

"GE Energy Financial Services, a unit of GE (NYSE:GE), served as the lead arranged for a $150 million senior secured credit facility to enable a Border to Border Exploration LLC subsidiary in oil and gas exploration throughout Texas.

The private oil and gas exploration company will develop acreage across Tyler, Polk and Jasper counties in east Texas.

Matt Telfer, Border to Border Exploration's CEO said, ""The financing that GE Energy Financial Services is providing will help us accelerate our drilling program, employing operational innovations acquired while drilling over the past three years, We have concentrated on the most oil-prone part of the trend and expect high-volume, naturally flowing wells with rapid payouts.""

The initial borrowing base is set at $55 million.

General Electric closed 1.68 percent lower at $15.76."