Greenfields Petroleum Corp. signed a third amending agreement extending the maturity date under the loan agreement with an arm’s length third partner, the company said Feb. 1.
The Nov. 25, 2013, loan agreement now matures Feb. 29 instead of Dec. 31, 2015.
The second extension allows Greenfields to evaluate refinancing options including negotiating the restructuring of the $27 million loan plus accrued and unpaid interest.
Greenfields said that after it implements a refinancing and restructuring program, it will return to growing the value of the Bahar project in Azerbaijan.
Greenfields Petroleum Corp. is based in Houston.
Recommended Reading
Deep Well Services, CNX Launch JV AutoSep Technologies
2024-04-25 - AutoSep Technologies, a joint venture between Deep Well Services and CNX Resources, will provide automated conventional flowback operations to the oil and gas industry.
EQT Sees Clear Path to $5B in Potential Divestments
2024-04-24 - EQT Corp. executives said that an April deal with Equinor has been a catalyst for talks with potential buyers as the company looks to shed debt for its Equitrans Midstream acquisition.
Matador Hoards Dry Powder for Potential M&A, Adds Delaware Acreage
2024-04-24 - Delaware-focused E&P Matador Resources is growing oil production, expanding midstream capacity, keeping debt low and hunting for M&A opportunities.
TotalEnergies, Vanguard Renewables Form RNG JV in US
2024-04-24 - Total Energies and Vanguard Renewable’s equally owned joint venture initially aims to advance 10 RNG projects into construction during the next 12 months.
Sitio Royalties Dives Deeper in D-J with $150MM Acquisition
2024-02-29 - Sitio Royalties is deepening its roots in the D-J Basin with a $150 million acquisition—citing regulatory certainty over future development activity in Colorado.