Philadelphia, PA, August 1, 2022 - Resource America, Inc., (Nasdaq: REXI) (the "Company") announced today that its energy subsidiary, Atlas America, Inc. has entered into a new $75 million credit facility led by Wachovia Bank, National Association that includes Union Bank of California, N.A. The facility replaces an existing $45 million facility and provides additional borrowing capacity subject to the growth of oil and gas reserves.
Steven Kessler, Chief Financial Officer of the Company, stated, "This agreement will provide additional liquidity to our energy business as we continue to increase our oil and gas reserve base through acquisitions and drilling. We look forward to continuing our relationship with Wachovia and welcome Union Bank as one of our new lenders."
Resource America, Inc. is a proprietary asset management company that uses industry-specific expertise to generate and administer investment opportunities for our own account and for outside investors in the energy, real estate and equipment leasing industries.
Statements made in this release may include forward-looking statements, which involve substantial risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed of implied in this release.