Lucas Energy Inc. (NYSE: LEI) restructured its outstanding long-term loan through an agreement, the company said May 1.
The loan has a $7.3 million outstanding balance, an interest rate of 12% a year and will mature in August 2015, Lucas Energy added.
Under the agreement, the company will defer amortizing principal payments until September, Lucas Energy said. In October, the payments will begin, the company said. An additional principal payment of $266,000 per quarter will also begin, the company noted.
Additionally, the company will issue 75,000 restricted shares to the lender and also pay it a $25,000 restructuring fee and legal expenses, Lucas Energy said.
"The completion of this loan restructuring further bolsters our liquidity so that we are now able to pursue strategic alternatives to increase the size and scope of the company from a stronger position," said Anthony C. Schnur, CEO.
Houston-based Lucas Energy acquires and develops domestic oil and natural gas.
Recommended Reading
Babcock & Wilcox to Convert Coal Plant to NatGas
2024-03-18 - B&W will convert the plant’s two coal-fired boilers to natural gas by designing and installing burners, air systems, fans and other equipment.
NextDecade Targets Second Half of 2024 for Phase 2 FID at Rio Grande LNG
2024-03-13 - NextDecade updated its progress on Phase 1 of the Rio Grande LNG facility and said it is targeting a final investment decision on two additional trains in the second half of 2024.
Woodside’s Pluto Train 2 Nears 2026 Start Up with Modules Delivery
2024-02-21 - First 3 of 51 modules have arrived on site in Western Australia for the onshore LNG project that will receive gas from the offshore Scarborough project.
US Oil Stockpiles Surge as Prices Dip, Production Remains Elevated
2024-02-14 - EIA reported crude oil stocks increased by 12.8 MMbbl as February began, far outstripping expectations.
FERC Approves Extension of Tellurian LNG Project
2024-02-19 - Completion deadline of Tellurian’s Driftwood project was moved to 2029 and phase 1 could come online in 2027.