--(www.USEquityNews.com)-- 06/10/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Teton Energy Corporation ("Teton" or the "Company") (AMEX: TEC) announced today that it has entered into definitive agreements with certain investors for the private placement of $40 million in 10.75% Secured Convertible Debentures (the "Debentures") due June 17, 2013. The placement is expected to close on or about June 17, subject to customary closing conditions. The investors have a 90-day put option whereby they may elect to reduce their investment in the Debentures by a total of 25 percent of the face amount. RBC Capital Markets Corporation acted as the sole placement agent for the offering. Proceeds of the Debentures will be used to repay indebtedness under the Company's bank credit facility in order to open up additional availability on the facility, for capital expenditures, and other general corporate purposes.
Quest Resource Corporation (NASDAQ: QRCP) ("Quest") today announced that it had agreed to purchase privately held PetroEdge Resources (WV), LLC ("PetroEdge") for approximately $140 million, subject to customary closing adjustments, in a transaction expected to close by mid-July. PetroEdge owns approximately 78,000 net acres of natural gas and oil producing properties in West Virginia, Pennsylvania, and New York with estimated proved reserves of 99.6 billion cubic feet of natural gas equivalent (Bcfe) and current net production of approximately 3.3 million cubic feet of natural gas equivalent production per day (Mmcfed).
Enterra Energy Trust (NYSE: ENT) ("Enterra" or the "Trust") has signed a term sheet with its lenders for new conventional credit facilities that offer increased flexibility for the Trust, increase the senior lending facility borrowing base and remove certain restrictions on the use of cash flow. Enterra will operate under the new terms upon completion of the definitive lending agreements, expected by the end of June. Blaine Boerchers, Enterra's Chief Financial Officer said, "We are extremely pleased to have re-established conventional revolving lending terms with our bankers. Management has worked diligently to reduce the Trust's debt and to develop a partnering relationship with our lending syndicate.
Energy Corporation (OTCBB: HENC) (``HENC'') filed first quarter 2008 financial results recently. Although HENC did not generate any revenues during the three months ended, HENC reported a one-time gain of $784,000 on the divestiture of its Canadian assets, resulting in net income of $557,000 ($0.01 per share). ``With the Canadian divesture complete,'' stated HENC Chairman Mark Stevenson, ``we can concentrate on maximizing activity on the 2.3 million acres of concessions we hold in Australia's Cooper/Eromanga, Barrow and Gippsland basins. We are currently engaged in discussions with several companies entertaining drilling participations.'' Stevenson continued, ``With the steep increase in oil price, we expect interest to escalate.'' For more information, please visit www.stocksjournal.com.
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