Greenfields Petroleum Corp. signed a third amending agreement extending the maturity date under the loan agreement with an arm’s length third partner, the company said Feb. 1.
The Nov. 25, 2013, loan agreement now matures Feb. 29 instead of Dec. 31, 2015.
The second extension allows Greenfields to evaluate refinancing options including negotiating the restructuring of the $27 million loan plus accrued and unpaid interest.
Greenfields said that after it implements a refinancing and restructuring program, it will return to growing the value of the Bahar project in Azerbaijan.
Greenfields Petroleum Corp. is based in Houston.
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