Gulf Oil and Gas accountACCOUNT

International Petroleum Secured US$15mln Loan Facility

Source: www.gulfoilandgas.com 4/5/2013, Location: Not categorized

International Petroleum Limited (or the Company), an oil and gas exploration and production company with assets in Russia and Kazakhstan, advises its shareholders that it has secured a US$15million loan facility with an unrelated third party (Loan Facility).

Pursuant to the terms of the Loan Facility, the Company will have access to US$15 million and the amount drawn down under the Loan Facility (Loan Amount) will attract interest at the rate of 8% per annum and will be repayable by the Company on or before 30 April 2014 (Repayment Date). The parties agree to negotiate appropriate security for the Loan Amount but any security provided will be second ranking to any security already provided by the Company.

It is expected that the Loan Amount will be made available to the Company within the next couple of days and will be applied towards payment of the Company’s Russian creditors and general working capital. As previously advised, the Company is currently finalizing the terms of a material transaction. Accordingly, the Company requests that its securities remain in suspension until the terms of the transaction are announced or the Company elects to not proceed with the proposed transaction. The Company will keep shareholders advised of this matter.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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