Far East Energy secures new facility agreement and extension of term loan facility

Far East Energy (Bermuda), Ltd. (FEEB), a wholly owned subsidiary of Far East Energy Corp., has entered into a $4 million term loan facility agreement (TLFA), effective June 26, with the lenders party thereto; and, further announces that an extension of the maturity date of the existing $1.4 million original TLFA (OTLFA) that FEEB entered into on Feb. 24 with the lenders party thereto.

The new TLFA matures on Oct. 8, and provides for an aggregate principal amount of $4 million to be borrowed, subject to the terms, conditions and repayment obligations of the TLFA. No stock, warrants, or other equity securities will be issued to the lenders in connection with the TLFA. Net proceeds from the TLFA will be utilized for certain working capital purposes as required by the TLFA. 

The majority of the net proceeds are targeted to cover certain operational expenses and payables as the Company continues to work through strategic discussions. Further, the maturity date of the $1.4 million OTLFA has been extended to July 27 from its previous maturity date of June 26.

Based in Houston, Texas, with an office in Beijing, China, Far East Energy Corp. is focused on coalbed methane exploration and development in China.      


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...