HPCO Hempacco Company Inc (CE)

Hallador announces the closing of a $70,000,000 credit facility obtained by its 80% owned subsidiary, Sunrise Coal, LLC. Today, Hallador Petroleum Company and 80% owned Sunrise Coal, LLC entered into an agreement with PNC Bank, National Association, as a lender and as administrative agent, and four other lenders, on a $70,000,000 credit facility, consisting of a $40,000,000 four year term loan and a $30,000,000 revolving line of credit. Approximately $40,000,000 of the term loan will be used to repay Sunrise Coal�s existing loan from Old National Bank, which was used to start Sunrise Coal�s Carlisle Mine located in Sullivan County, Indiana in 2006, and to expand coal production to two million tons annually. Proceeds from the additional $30 million revolving credit facility will be used to expand Sunrise Coal�s Carlisle mine in Sullivan County, Indiana from a capacity of two million tons of coal to an expected three million tons of coal annually. In addition to the credit facility, Hallador has loaned $13,000,000 to Sunrise Coal in support of the mine expansion. All of Sunrise Coal's current coal capacity is sold under contracts to four Indiana utilities. Hallador previously announced third quarter 2008 earnings of $2,933,000 or $.14 per share compared with a loss of $(436,000) or $ (.03) per share for the third quarter of 2007. Nine months earnings for 2008 were $6,344,000 or $.36 per share compared with a loss of $(1,536,000) or $ (.12) per share for the nine months ended 2007. Hallador, an energy producing company, headquartered in Denver, Colorado, is publicly traded on the OTCB bulletin board under the symbol HPCO.BB.