11:08:38 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Gordon Creek Energy Inc
Symbol GDN
Shares Issued 14,136,633
Close 2014-10-31 C$ 0.06
Market Cap C$ 848,198
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Gordon Creek continues search for gas field financing

2014-10-31 19:47 ET - News Release

Mr. Rupert Evans reports

GORDON CREEK ENERGY INC.: CORPORATE UPDATE

Gordon Creek Energy Inc. has provided an update regarding its continuing efforts to secure a long-term financing solution for the development of the Gordon Creek natural gas field. The company is continuing to work with Houston Merchant Advisory Partners as an adviser to assist with the evaluation and sourcing of various financing alternatives as announced Aug. 22, 2014. Follow-up discussions are continuing with a number of interested parties introduced by HMEP to date, and marketing efforts are continuing.

The company is also at an advanced stage of negotiations to secure a $2.5-million to $3.0-million bridge loan facility that will be focused on reworking and reactivating up to 14 previously drilled development wells to increase cash flows and reserves. Further details of the bridge loan facility will be provided upon the completion of negotiations.

The company will not be redeeming the $10-million 15-per-cent gas-linked debenture issue, currently due Oct. 31, 2014, until a recapitalization financing has been completed. Until redemption occurs, the company intends to continue the present policy of paying the 50-per-cent quarterly interest payment in common shares of the company, and suspending and accruing the 50-per-cent cash portion of the quarterly interest payments. The next quarterly share interest payment will be made in mid-November.

We seek Safe Harbor.

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