04:31 PM EDT, 06/06/2024 (MT Newswires) -- Rubellite Energy ( RUBLF ) after trade Thursday said its annual borrowing base redetermination of the company's credit facility has been completed, with its borrowing base hike to $60 million from $52 million.

The Western Canadian oil producer said the borrowing base had previously scheduled to be lowered by $5.0 million at the end of each quarter, to $40.0 million at December 31. Additionally, the applicable margin applied to borrowings under the credit facility will fall by 1.5%.

The credit facility's initial term has been extended to May 31, 2025 and may be extended for a further 12 months to May 31, 2026 subject to lender approval, the company said. If not extended by May 31, 2025, all outstanding advances would be repayable on May 31, 2026. The next semi-annual borrowing base redetermination is scheduled on or before November 30, 2024.

At March 31 Rubellite had bank borrowings of $37.1 million and outstanding letters of credit of $2.7 million.

Rubellite closed Thursday up $0.01 at $2.28 on the Toronto Stock Exchange.