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Resilient Announces Completion of Aquilon Debt Restructuring
Resilient Announces Completion of Aquilon Debt Restructuring.
About this update from Sucro Limited
[{"type":"text","content":"\n\n\n\n\nCALGARY, Dec. 19 /CNW/ - Resilient Resources Ltd. (\"Resilient\") (TSX:RRL)\nis pleased to announce that it has completed its previously announced\nrestructuring of its senior, secured 10% debenture (the \"Debenture\") held by\nAquilon Capital Corp. managed accounts (\"Aquilon\") with an effective date of\nMarch 1, 2005. Under the restructuring, the Debenture was replaced by a\nproduction payment agreement (the \"Agreement\") entitling Aquilon to netbacks\nfrom Resilient's producing oil wells (the \"Wells\") (which had average\nproduction of approximately 30 barrels per day from March 1 to October 31,\n2005) for the life of such production and a debenture in the principal amount\nof $1,048,614.15 which was redeemed by Resilient effective October 31, 2005\nfor 1,398,152 common shares of Resilient. Under the Agreement, Aquilon is\nentitled to acquire all of Resilient's interest in the Wells for no\nconsideration upon an uncured event of default and Resilient is entitled to\nterminate the Agreement, giving it back the production from the Wells, for a\nprice equal to four times the 120 day trailing annualized netbacks from the\nWells. With the completion of the restructuring, Resilient has no debt.\n\nLocated in Calgary, Alberta, Resilient Resources Ltd. is a junior oil and\ngas exploration company. Resilient's 100,000 acre block contains several oil\nand gas prospects, including Bow Island natural gas, Glauconite channel sands,\nCutbank, Mississippian and Devonian extending south of the Alberta border.\nWithin a 35 mile radius of Resilient's land position there exists several\nmajor oil and gas pools including the Cutbank Field - (175,000,000 barrels of\ncumulative oil production), Reagan Field - (10,000,000 barrels of cumulative\noil production), Moulton Field - (15,000,000 barrels of cumulative oil\nproduction), Big Rock Field - (30 Billion cubic feet of cumulative natural gas\nproduction), and Pondera Field - (30,000,000 barrels of cumulative oil\nproduction). All cumulative oil production figures are derived from publicly\navailable information.\n\n%SEDAR: 00002500E\n\n\n","length":2147,"tagName":"div"}]