JED Oil extends redemption date for 10% convertibles

By Devika Patel

Knoxville, Tenn., Feb. 19 - JED Oil Inc. announced it has extended the redemption date of its $40.24 million in 10% senior subordinated convertible notes to March 18 from Feb. 15.

During the extension, the notes will accrue interest at 2% per month, plus the company will pay holders a fee equal to 1% of the principal amount in consideration for the new extension.

Under the terms of the extension, if the notes are not redeemed in full by March 18, the outstanding principal amount to be repaid will be increased by an additional 10%.

JED is an oil and natural gas company that is based in Didsbury, Alta.

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