On May 13, Gordon Creek Energy Inc. (TSXV: GDN.V) provided updates about its pending international natural gas export agreement, as well as its debentures.

An unspecified Malaysian natural gas distributor agreed to pay Gordon Creek US$10 million for the ongoing right to purchase up to 100% of the company’s future natural gas production from its Gordon Creek Field in Carbon County, Utah, the company said.

The current Henry Hub prices for the gas at the time of purchase will be paid to Calgary, Alberta-based Gordon Creek, but a discount of about 10% was mentioned, the company added.

The two companies are trying to set a closing date for the agreement, Gordon Creek noted.

Additionally, Gordon Creek noted that it extended the due date for its 15% gas-linked debentures, which trade on the TSX Venture Exchange under “GDN.DB.” The new due date is October 31, the company added. Half of the quarterly interest payments on the debentures can be paid in company common shares, based on a quarterly discount from the weighted price of those shares, Gordon Creek said. Because of the delay with the Malaysian deal, the payment of the cash portion of a quarterly payment for the quarter that ended Jan. 31 has been deferred, the company added.

Currently, the company is discussing potential financial transactions with several parties, Gordon Creek noted. When a financing is completed, operations will resume at the Gordon Creek Field, the company added.

Gordon Creek Energy holds U.S. oil and natural gas exploration and production interests.