Armada Oil extends credit facility

Armada Oil Inc. (OTCBB: AOIL) has renegotiated its existing credit facility with Prosperity Bank into a term loan with a maturity date of March 5, 2016.

The company will pay interest only for the first six months, with modest principal reductions to begin in the seventh month.

Following the renegotiation with Prosperity Bank, Randy M. Griffin, CEO of Armada Oil, stated that, as a result of the oil price reset, acquisition opportunities are beginning to surface. “We are not only focused on finding the right acquisition opportunity,” he said, “but also on moving forward with our Niobrara shale development project in Wyoming.”

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