Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


Greenfields Petroleum Corporation Announces Extension of Debt Payment and Voluntary Options Surrender


HOUSTON, Jan. 31, 2019 — Greenfields Petroleum Corporation (the “Company” or “Greenfields”) (TSX VENTURE: GNF), a production focused Company with operating assets in Azerbaijan, announces an extension of the senior debt payment and restructuring fee payment along with a voluntary surrender of options.

Loan Facility

The Company has signed a payment deferral letter with its senior lender, Vitol Energy (Bermuda) Ltd. (“Vitol”), whereby Vitol has agreed to defer the loan payment and restructuring payment in the aggregate of US$5 million due under the Company’s credit facility to March 15, 2019 (the “Deferral”). The Company anticipates that the Deferral will give the Company sufficient time to comply with its obligations under the thirteenth amending agreement to the Company’s loan agreement with Vitol.

Voluntary Options Surrender

The Company also announces that it has entered into option surrender agreements with certain existing option holders of the Company to voluntarily surrender for cancellation, subject to the approval of the TSX Venture Exchange, an aggregate of 11,500 stock options (post-consolidation) of the Company issued pursuant to the Company’s Stock Option Plan (“Options”). The surrender of Options is effective immediately and was completed for nil consideration.

About Greenfields Petroleum Corporation

Greenfields is an established oil and natural gas company focused on the development and production of proven oil and gas reserves from two operated shallow water fields located in the Republic of Azerbaijan. The Company plans to expand its production base through implementation of an active work program to realize value from its proven, independently verified reserve base. More information about the Company may be obtained on the Greenfields website at

Editorial & Advertiser disclosure

Call for Entries

Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Newsletters with Secrets & Analysis. Subscribe Now


Global Banking & Finance Review® is a leading financial portal and Print Magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management. Copyright © 2010-2021 GBAF Publications Ltd - All Rights Reserved.