ENP Newswire -
Release date- 28082014 -
Advances made by Lender under the Amended and Restated Loan and Security Agreement dated as of
The Lender also agreed to decrease the default interest rate by 3%. The combined
The additional advance, the reduction in the required monthly payment and the reduction in the interest rate were facilitated through the Company's acquisition of 5,694,823 shares of Daybreak common stock held by the Lender, which were originally issued in connection with the Amended and Restated Loan and Security Agreement dated as of
The Lender will continue to hold warrants to purchase up to 6,550,281 shares of common stock of the Company, also issued in connection with the Loan Agreement and as described in the Company's most recent quarterly report. The Company paid for the share repurchase transaction through an advance under the Loan Agreement, adding to the outstanding principal balance of the Loan.
To accomplish this transaction, the Company entered into a First Amendment to Amended and Restated Loan and Security Agreement and Share Repurchase Agreement (the 'Amendment') with the Lender under its Amended and Restated Loan and Security Agreement dated as of
The Company operates production from 20 wells in our East Slopes project area in
More information about
Certain statements contained in this press release constitute 'forward-looking statements' as defined by the
Such forward-looking statements include, but are not limited to, statements about our expectations regarding our financing, our future operating results, our future capital expenditures, our expansion and growth of operations and our future investments in and acquisitions of oil and natural gas properties. We have based these forward-looking statements on assumptions and analyses made in light of our experience and our perception of historical trends, current conditions, and expected future developments.
However, you should be aware that these forward-looking statements are only our predictions and we cannot guarantee any such outcomes. Future events and actual results may differ materially from the results set forth in or implied in the forward-looking statements.
The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: general economic and business conditions; exposure to market risks in our financial instruments; fluctuations in worldwide prices and demand for oil and natural gas; fluctuations in the levels of our oil and natural gas exploration and development activities; our ability to find, acquire and develop oil and gas properties, including the ability to develop the
Additional factors that may affect future results are contained in our filings with the
Hispanic #1 Breaking News for Entrepreneurs, Professionals and Small Business Owners - HispanicBusiness.com
OCTOBER 31, 2014
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