Empyrean Lands $50M Macquarie Loan For Texas Shale Project

Law360, New York (April 18, 2012, 5:32 PM EDT) -- Australia-based oil company Empyrean Energy PLC accepted Wednesday a $50 million loan offer from Macquarie Bank Ltd. to fund Empyrean's development of the Sugarloaf condensate and natural gas project in Texas' Eagle Ford shale play through the end of the year.

The debt facility carries a three-year term and makes $10 million immediately available to Empyrean upon finalization of the loan, according to a statement the Perth, Australia-headquartered Empyrean issued Wednesday.

"The financing of our share of the Sugarloaf project is the No. 1 priority for...
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