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Greenfields Petroleum Corporation Announces Extensions to the Maturity of Loans and Production Update03.08.2018 | 14:00 Uhr | GlobeNewswire
HOUSTON, Aug. 03, 2018 -- Greenfields Petroleum Corp. (the “Company” or “Greenfields”) (TSX VENTURE: GNF), an independent exploration and production company holding an 80% interest in certain producing assets in Azerbaijan, is pleased to announce that it has reached an agreement to extend the maturity of certain loan agreements (the “Additional Loan Agreements”) until December 31, 2018. The Additional Loan Agreements, contracted in September 2016 with a consortium of lenders, consist of principal of US$3.025 million and bear interest at the rate of 12% per annum. The consortium of lenders includes Michael Hibberd, Norman Benson and John Harkins, who funded principal in the amount of US$420,000, and who are ‘related parties’ of the Company pursuant to Multilateral Instrument 61-101 (“MI 61-101”) by virtue of being directors or senior officers of the Company. As such, the amendment to the Additional Loan Agreements is considered a ‘related party transaction’ pursuant to MI 61-101 and requires the Company to obtain, in the absence of exemptions, a formal valuation for, and minority shareholder approval of, the ‘related party transaction’. The company is relying on section 5.5(b) of MI 61-101 as an exemption from the formal valuation requirements of MI 61-101 on the basis that no securities of the Company are listed on a specified market set out in such section. The Company is also relying on section 5.7(f) of MI 61-101 as an exemption from minority shareholder approval requirements set out in MI 61-101 on the basis that the ‘related party transaction’ is a loan to the Company with no equity or voting component. Production Update Gross production volumes for the second quarter 2018 with respect to the offshore block known as the Bahar Project (the “Bahar Project”) averaged 4,231 boe/d, a 14% increase in comparison to the first quarter 2018 (3,720 boe/d). The positive production additions in 2018 continue to be attributable to recompletion success in the Gum Deniz Oil Field and the Bahar Gas Field. “The Company is very appreciative of the support provided by our lenders during 2018 as we continue to restore and stabilize production while maintaining operating costs well under forecast," said John W. Harkins, CEO. About Greenfields Petroleum Corporation Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties most of which are beyond the control of Greenfields. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. These risks include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses; and health, safety, political and environmental risks), commodity price and exchange rate fluctuations, changes in legislation affecting the oil and gas industry and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional risk factors can be found under the heading “Risk Factors” in Greenfields’ Management Discussion and Analysis which may be viewed on www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and Greenfields undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The Company’s forward-looking information is expressly qualified in its entirety by this cautionary statement. Abbreviations
Barrels of oil equivalent or “boe” may be misleading, particularly if used in isolation. The volumes disclosed in this press release use a 6 mcf: 1 boe, as such is typically used in oil and gas reporting and is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The Company uses a 6 mcf: 1 boe ratio to calculate its share of entitlement sales from the Bahar project for its financial reporting and reserves disclosure. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. For more information, please contact:
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