Armada Oil provides financing update

Armada Oil Inc.

Armada Oil Inc. (OTCBB:AOIL) is completing an all-inclusive financing package that would not only allow for significant new development in the company’s south Louisiana fields but would also provide capital to initiate additional acquisition and/or drilling activities in its other project areas.

As part of this package, Armada has received convertible bridge financing of $600,000 to enable it to proceed with important workover activity on two of its wells in the Lake Hermitage field. This work is expected to be completed this month and should result in increases in both production and reserves. The overall financing transaction is now expected to close on or before Dec. 31. Additional work in the company’s south Louisiana project area is expected to begin in January 2014, with drilling in other project areas expected to begin as soon as weather, final land title review, location selection, and well planning allow.

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