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CGX Energy and Frontera Announce Execution of Farm-in Joint Venture Agreement and Bridge Loan
Toronto, Ontario--(Newsfile Corp. - February 1, 2019) - CGX Energy Inc. (TSXV: OYL) (" CGX ...
About this update from Frontera Energy Corporation
[{"type":"text","content":"CGX Energy and Frontera Announce Execution of Farm-in Joint Venture Agreement and Bridge LoanToronto, Ontario--(Newsfile Corp. - February 1, 2019) - CGX Energy Inc. (TSXV: OYL) (\"CGX\") and Frontera Energy Corporation (TSX: FEC) are pleased to announce today the execution of a farm-in joint venture agreement covering CGX's two shallow water offshore Petroleum Prospecting Licenses in Guyana, the Corentyne and Demerara Blocks. These agreements remain subject to Guyanese government approval.CGX and Frontera are also pleased to announce today that they have entered into an amended and restated bridge loan agreement, pursuant to which Frontera has agreed to extend the term of CGX's April 25, 2018 bridge loan to September 30, 2019 and to update certain other terms and conditions. Frontera has the option to convert up to US$8.8 million principal amount of the loan into CGX common shares at a conversion price of US$0.22 per share (being the US dollar equivalent of CDN$0.29, which was the closing price of the shares of CGX prior to the December 4, 2018 announcement of the amendment to the bridge loan), at any point on or before maturity of the loan.For additional details regarding these agreements, please refer to CGX's press releases of December 4, 2018 and January 11, 2019 and the related material change reports. In addition, copies of these agreements will be posted under CGX's profile at www.sedar.com in due course. About CGX Energy:CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana- Suriname Basin.NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.About Frontera:Frontera Energy Corporation is a Canadian public company and a leading explorer and producer of crude oil and natural gas, with operations focused in Latin America. The company has a diversified portfolio of assets with interests in more than 30 exploration and production blocks in Colombia and Peru. The company's strategy is focused on sustainable growth in production and reserves. Frontera is committed to conducting business safely, in a socially and environmentally responsible manner. Frontera's common shares trade on the Toronto Stock Exchange under th...