Petroleum Africa
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Tuesday, November 17, 2015
Hydrocarb Energy completed several financings under more favorable terms which allowed for it to redeem all floorless convertible debt before any dilutive conversions into common stock could take place. The new financings that have facilitated the payoff of these floorless notes include approximately $1.74 million raised using its most recent private placement.
In addition to these funds raised beginning around August 1, 2015, the company has implemented a new series of short term “Cash Redeemable Notes” that are not designed nor intended to be convertible into the company’s common stock.
Kent Watts the company’s CEO stated, “Our realized production enhancements from our 2015 work program combined with our current reserve report, which shows approximately $95 million of estimated future net income potentially available to us from all of our proved reserve categories, puts us in a position to replace all our current debt with new debt on more favorable terms. We are happy to have paid off these floorless notes as it has prevented significant dilution of our common stock.”
Watts went on to say, “The company is now actively seeking a longer term solution through more traditional secured debt. If successful this new financing could allow us to fully develop our Galveston Bay and Namibia based assets.”
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