Indigo-Energy has entered into a global financing agreement with Carr Miller Capital, LLC (CMC). CMC has agreed, in an effort to further the company's expansion and growth plan, to provide Indigo-Energy, Inc. with a funding package of not less than $4,000,000 to be used primarily for drilling.
CMC will initially infuse $1,000,000.00 with an additional $3,000,000.00 over the next 3-6 months for drilling and other operating expenses. Additionally, Indigo converted a portion of its CMC indebtedness to common stock and favorably restructured $3,450,000 of debt. The bulk of the initial funds has already been received by the Company to drill the first three wells, which have an anticipated completion as early as January 2009.
The oil and gas well drilling uses state-of-the-art techniques on property located in Indiana. The Illinois Basin is a cratonic basin covering approximately 60,000 square miles across three states, with increasing interest for its potential oil and natural gas reserves. Indigo-Energy expects the oil and gas production to be sold in the United States to contribute to the nationwide effort to reduce the dependency on foreign fuel. Additionally, the Company plans to enter into a creative and strategic alliance drilling agreement with Ackerman Drilling and Epicenter Oil and Gas, LLC, which will enable the company to further development of its business plan.
"We are very excited to announce this new chapter for Indigo and its shareholders. This financing plan represents true growth and true asset contributions. We have had ongoing negotiations with several parties throughout 2008 for larger funding, none of which has borne fruit. This package with CMC represents a realistic approach with real funding to be strategically implemented for maximum productivity. Indigo can now really begin to move forward," stated Steve Durdin, CEO and President of Indigo-Energy, Inc.
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