JED Oil amends agreement with holders of 10% convertibles once again

By Devika Patel

Knoxville, Tenn., June 23 - JED Oil Inc. said it arranged yet another note amending agreement with holders of its $40.24 million in 10% senior subordinated convertible notes.

Under the new agreement, JED Oil has until June 24 to negotiate a term sheet for the notes' redemption, in order to sell its assets to finance the redemption, and the notes now will mature on June 24.

This is the first extension of a three-step process.

The signed term sheet will be followed by another short extension of the notes' maturity date to draft formal agreements and a time table for the sale process, followed by a longer extension to wrap up the sale.

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

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