JED Oil Signs LOI for $41.5 Million Loan

JED Oil announced that it has signed a financing letter of intent for a term loan facility of $41.5 million for nine months. The use of the net proceeds will be the repayment of JED's 10% Senior Subordinated Redeemable Notes which mature on February 1, 2008. The facility, which is expected to close February 1, is subject to due diligence and credit committee approval. "This facility will give us the necessary time to retire this debt through a combination of traditional bank financing and the sale of assets," stated Richard Carmichael, JED's Chief Financial Officer.