Key Developments: American Petro-Hunter Inc (AAPH.OB)
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24 May 2013
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359,910
210,449
$0.31
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Latest Key Developments (Source: Significant Developments)
American Petro-Hunter Inc Announces $10 Million Credit Facility
American Petro-Hunter Inc announced that the Company entered into a three-year credit facility with ASYM Energy Partners LLC and its affiliates (ASYM), a private investment firm focused on the energy industry. The credit facility, in the amount of $10 million, is secured by all of the Company's assets. Proceeds from the loan will be utilized to fund the development drilling of oil properties located in central Oklahoma as well as acquisitions, repayment of certain accounts payable, and working capital. As part of the transaction, ASYM will advise the Company in the areas of operational, technical, engineering and financial matters. In addition, a total of approximately $2.7 million of liabilities were either forgiven or exchanged for common stock in the Company. This included the forgiveness of the Royalty Interest Payable, the exchange of equity for accounts payable that reduced the balance to approximately $0.3 million, and the amendment of the convertible debentures which extended the maturity date to six months after the maturity of the credit facility, and removed all liens and security interests. Also as part of the transaction, the 6% overriding royalty interest held by certain convertible debenture holders was contributed to the Company. Full Article
American Petro Hunter Inc Acquires 3,000 Acres In South Oklahoma
American Petro Hunter Inc announced that the Company has executed a Purchase and Sale Agreement which entitles American Petro-Hunter to acquire a 40% working Interest in a minimum of 3,000 acres of lands in South-Central Oklahoma. The acreage covers highly prospective Mississippi Limestone targets which, through detailed sub-surface geological mapping and extensive engineering, show Mississippi targets similar and analogous to the recently discovered oil and gas reservoir being exploited at the North Oklahoma Project. Full Article
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