JED Oil signs term sheet with holders of 10% convertibles

By Devika Patel

Knoxville, Tenn., June 25 - JED Oil Inc. said it has signed a term sheet with holders of its $40.24 million of 10% senior subordinated convertible notes.

Under the term sheet, JED Oil has agreed to redeem the notes by Sept. 30. The notes now will mature on Sept. 30 if a forbearance agreement is signed by July 1.

If the agreement is not signed, the notes will mature on July 2.

This note extension agreement is the second and third step of the three-step process announced on June 23.

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

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