Caracal Secures US$140 million in Debt Financing

Caracal Secures US$140 million in Debt Financing

CALGARY, April 7, 2014 /CNW/ - Caracal Energy Inc. ("Caracal" or the "Company")
(LSE:CRCL), through its wholly owned subsidiary PetroChad Mangara Limited, is
pleased to announce that it has signed a US$140 million Reserve Based Senior
Secured Facility (the "Facility") with a syndicate of lenders led by Natixis
and Société Generale Corporate & Investment Banking as Initial Mandated Lead
Arrangers and Bookrunners and ING Bank as Mandated Lead Arranger. In addition,
Caracal has an option to increase the Facility by up to an additional US$110
million subject to receipt of further lender commitments. The Facility has a
final maturity date of March 31, 2017.

The Facility is devoted to the development of the Company's assets in the
Republic of Chad ("Chad").

Trevor Peters, Chief Financial Officer for Caracal commented today :

"We are very pleased to have successfully completed these arrangements which
will augment our working capital position over the next two years and in
conjunction with our early operating cash flows this will provide a solid
foundation for funding the expansion of our development projects in Chad. The
support we received from the lending banks demonstrates the underlying
confidence in our producing assets as well as the business environment in
Chad."

Sylvain Sarda, Head of Upstream Finance, Oil Independents & Mining, at Natixis
commented :

"Natixis is proud having closed with Société Generale this major transaction
for Caracal which is also a milestone for Chad oil industry and the RBL space
in Africa. Caracal is a young company with promising growth potential and we
are keen supporting the business further."

Christophe Roux, Head of Reserve Based Finance, EMEA & CIS, at Société Generale
Corporate & Investment Banking, commented :

"Caracal Energy is an important client for Société Generale and we are
delighted to have led (along with Natixis), the inaugural bank financing for
the Company. The Company has an attractive portfolio of assets, which provides
it with significant growth potential, and a very reputed and experienced
management. We look forward to continuing our support of the Company and its
growth strategy."

About Caracal Energy Inc.

Caracal Energy Inc. is an international exploration and development company
focused on oil and gas exploration, development and production activities in
the Republic of Chad, Africa. In 2011, the Company entered into three
production sharing contracts ("PSCs") with the government of the Republic of
Chad. These PSCs provide exclusive rights, along with its partners, to explore
and develop reserves and resources over a combined area of 26,103 km2 in
southern Chad. The PSCs cover two world-class oil basins with oil discoveries,
and numerous exploration prospects.

The Company's shares trade on the London Stock Exchange under the symbol CRCL.

SOURCE: Caracal Energy Inc.

For further information:

Caracal Energy Inc.
Gary Guidry, President and Chief Executive Officer
Trevor Peters, Chief Financial Officer
[phone]

Longview Communications - Canadian Media Enquiries
Alan Bayless [phone]
Joel Shaffer [phone]

FTI Consulting - UK Media Enquiries
Ben Brewerton / Ed Westropp
+ 44 (0) 20 3727 1000
[e-mail]

 
(CRCL)