Heritage Oil calls entire $55 million of 10% convertible bonds

By Laura Lutz

Des Moines, Jan. 17 - Heritage Oil Corp. exercised its option to redeem all its $55 million outstanding principal amount of 10% convertible bonds.

The company issued $60 million principal amount of the bonds on March 27, 2006. The bonds were convertible into common shares at $18.00 per share, and they carried a term of five years and one day.

The bonds were redeemable by the company for 150% of the principal amount through March 28, 2007.

As of Jan. 17, $5 million principal amount of the bonds had been converted. Following the redemption notice, the remaining bonds are no longer convertible.

Heritage is an oil and gas company based in Calgary, Alta. The company's stock dropped 26 cents, or 0.81%, to close at C$31.74 on Wednesday (Toronto: HOC).

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