New Century Energy amends $9.5 million 20% note, extends maturity date

By Devika Patel

Knoxville, Tenn., Jan. 23 - New Century Energy Corp. once again amended the terms of a $9.5 million note it issued to Laurus Master Fund, Ltd. by extending the maturity date to July 1, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The note originally was amended in March 2006, when the company agreed to pay principal and interest, which accrues at 20%, on the note through a production payment on the company's oil and gas property.

As of Wednesday, there was $6,351,390 of the note outstanding.

Houston-based New Century is an oil and natural gas exploration and development company.

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