Concurrent with the closing of the Acquisition, Rubellite Energy Inc.'s credit facility will increase to $60.0 million (currently $40.0 million). The credit facility will reduce by $5 million at the end of each quarter during 2024, starting on March 31, 2024, to $40 million at December 31, 2024. The initial term will remain the same at May 31, 2024, which may be extended a further twelve months to May 31, 2025, subject to lender approval.

The next semi-annual borrowing base redetermination is scheduled on, or before, May 31, 2024. The Company anticipates to be drawn approximately $40 million on its credit facility after closing the Acquisition in early November.