Epic in default on $20.25 million 10% debentures

By Devika Patel

Knoxville, Tenn., Dec. 3 - Epic Energy Resources, Inc. is in default with respect to a December 2007 private placement of 10% secured debentures, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The company failed to pay the first quarterly principal redemption payment of $1.27 million on the debentures, which constituted an event of default. Interest will now accrue at 18% on the $20.25 million principal.

Epic is an oil and gas company based in The Woodlands, Texas.

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