PTSG | Petrosearch Energy Pays All Convertible Debt

Penny Stocks In the News

Jul 28, 2008 9:43:00 AM


Petrosearch Energy Corporation (OTCBB:PTSG) announced that the Company has used part of the proceeds from the sale of its 5.54455% limited partnership interest in DDJET Limited LLP to repay all of the $18,775,000 outstanding Convertible Notes ("Notes"). The repayment of the Notes leaves the Company with a strong balance sheet; including a significant cash balance, no debt obligations (other than current trade payables) and positive stockholders equity. The Company also has proved oil and gas reserves of approximately 1.8 million Boe net to the Company and probable and possible reserves of approximately 5.4 million Boe net to the Company.

President and CEO of Petrosearch Richard Dole stated, "We are pleased with the financial condition of the Company after the sale of our Barnett Shale project and the repayment of our outstanding debt. We believe we are in an excellent position to commence the development of our waterflood project while we continue to pursue strategic alternatives for the Company."