CLG Energy Finance, LLC Announces $36M Financing With NiMin Energy Corp.

PLANO, Texas, Aug. 27 /PRNewswire/ -- CLG Energy Finance, LLC, an innovative direct loan originator that focuses on financing opportunities in the energy industry, announces the closing of a $36.0 million financing with California-based NiMin Energy Corp. (TSX: NNN), whose core assets are located in California and Wyoming.  

Jonathan Shepko, a Director with CLG Energy Finance, said, "This facility provides the experienced management team at NiMin the financing necessary  to convert its substantial inventory of low-risk, infill proved undeveloped drilling (PUD) locations into productive assets."

Proceeds from the initial advance will be used by NiMin primarily to repay its existing short-term debt and to fund its 2010 and 2011 development capital expenditure program.  Upon NiMin's request, and subject to lender approval, the facility may be increased up to $75 million.

Owen Hill, also a Director with CLG Energy Finance, added, "We arrange financing for energy companies with solid assets and strong management.  Our transaction with NiMin reflects our interest in refinancing and development capital opportunities in the middle market."

The NiMin transaction represents another financing CLG Energy Finance has closed and further underscores CLG's continued interest in the oil and gas space.

CLG Energy Finance, LLC is a division of CLG Hedge Fund, LLC, an affiliate of Beal Bank Nevada, a multi-billion dollar private financial institution. CLG Energy seeks to facilitate direct lending in energy and energy-related companies, with particular emphasis on debt financing in the upstream oil and gas sector.  CLG Energy considers both traditional senior-secured structures as well as one-off, structured secured loans at the project or corporate level and will consider loans ranging from $20M to $500M.

For additional information, please contact Owen Hill at 972-464-2705 or [email protected] or Jonathan Shepko at 972-464-2704 or [email protected].

SOURCE CLG Energy Finance, LLC