Announces Expanded Credit Facility and Repayment of Term Debt
Summary
The early repayment of the term debt will reduce interest expense and eliminate any restrictions on Hammerhead instituting a return of capital strategy for the benefit of its shareholders. Net cash from operating activities for the months of July and August 2023 was C$57.7 million.Scott Sobie, President and CEO of Hammerhead notes, We recognize the critical support of our existing lenders, and welcome the addition of the Bank of Montreal to the syndicate. See Non-GAAP and Other Financial Measures Advisory".Hammerhead is a Calgary, Canada-based energy company, with assets and operations in Alberta targeting the Montney formation. There can be no assurance that Hammerhead will make any returns to shareholders.This press release contains information that may be considered a financial outlook under applicable securities laws about the Companys potential financial position, including, but not limited to, the Companys free cash flow for the remainder of 2023 and during the year-ended December 31, 2024, which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes.