PetroHunter Energy Gets Extension from Secured Lenders

PetroHunter announced that its largest secured creditors, Global Project Finance and Renn Capital, extended the maturity date of $44.65 million of debt to December 31, 2014. PetroHunter paid accrued interest to these creditors with restricted shares of its common stock, valued at $0.125 per share. Going forward, interest will be accrued but paid at maturity, together with the debt principal.

PetroHunter will try to obtain similar agreements from holders of approximately $3 million of secured debt.

These agreements greatly reduce PetroHunter's cash commitments through 2014, and enhance its ability to focus on operations.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


Brent Crude Oil : $54.33/BBL 0.81%
Light Crude Oil : $51.5/BBL 1.29%
Natural Gas : $3.75/MMBtu 1.35%
Updated in last 24 hours