FX Energy Updates Status of Credit Facility; Liquidity Position Enhanced (PR Newswire)

Friday October 10, 8:24 am ET SALT LAKE CITY, Oct. 10 /PRNewswire-FirstCall/ -- FX Energy, Inc. (Nasdaq: FXEN - News ) today reported that it has taken steps to improve its already liquid balance sheet. The Company has drawn an additional $14 million under its Senior Credit Facility (the Facility) through the Royal Bank of Scotland (RBS). Including previous cash on hand, the $5 million drawn and announced previously, and this new funding, the Company now has approximately $24 million in liquid assets. The most recent draw brings the total amount outstanding with RBS to $25 million, the total amount currently available under the Facility. For the short-term, the proceeds will be invested in US treasury bills. Liquidity for Expanding Operations and Increasing Cash Flow The primary long-term use for the cash will be to fund the... [read full story]